When the legendary journalist David Halberstam wrote his landmark 1979 book about American journalism, The Powers That Be, he focused on four media organizations: the Washington Post, Time magazine, CBS and the Los Angeles Times.

His choice of the LA newspaper made perfect sense. Influential and successful, it was owned by a prominent California family, the Chandlers. The paper had high standards, a raft of Pulitzer prizes, and a hard-charging Washington DC bureau that competed successfully with its east coast rivals. For reporters and editors, the LA Times was a prestigious career destination; if you got there, you probably stayed.

Nearly 50 years later, the Los Angeles Times is much smaller