Journalism in the United States is hurtling toward a new era. The trouble is, no one in the craft knows whether the new period will represent the start of a new golden age... or a brave new world.

There are breathtaking technologies, platforms, and distribution channels that hold the promise of bringing news, news analysis, information, and more, to countless new markets and to new audiences. This holds the promise of increasing knowledge, learning, public input and citizen awareness -- as well as publishers' online revenue streams.

According to the New York Post, the New York Times Co. (NYSE: NYT) is considering ending its online paid service, presumably moving towards a pure advertising system. The paid service was used to further monetize readers of the most popular columnists at the paper, such as Paul Krugman and Thomas Friedman.

Even the columnists who are featured in the "Select" program have held reservations on the program since its inception, the Post goes on to say. But according to a NY Times spokeswoman, this segment has "met or exceeded all its goals since it started in 2005."

Fact is, the future of the online newspaper business is purely advertising-based. The new age of internet publishing with its extraordinarily low barriers to entry (think blogs) has made consumers even more adverse to paying for reading material on the internet.

I'd still avoid the New York Times and McClatchy (NYSE: MNI) -- they are declining businesses and I think the street is still overestimating the companies' earnings abilities in the next few years.