> Journalism, if done correctly, is unprofitable - the times in American history it has thrived, imo, have been when journalists have been patronized by people willing to trade money for prestige.

I agree with the first part of that, but not necessarily the second. For a very long time in America good journalism was essentially paid for by classified ads. They were really two separate (but obviously related) businesses. Journalism could be more "walled off" from the money making side of things since classified ads were bringing in money hand over fist.

The Internet decimated the classified ads business, so now you see more sensational stories that try to make money in their own right. Even on the CNN website, there are ads at the bottom that are confusingly meant to look like stories. They're often embarrassingly dumb (literal "the one trick doctors don't want you to know" type of stuff), but I think that's what it's come to for news businesses to survive.