...as journalism was increasingly learned academically instead of vocationally, the great curse of the campus descended, namely the abstraction of the real. Reporters, regardless of their perspective or biases, became removed from their stories. Instead, they were merely 'educated' about them. And the news stopped being as real.
Finally, the corporatization of news meant that everyone in the system from reporter to CEO reacted to things with the caution of an institutionalized employee. Thus, the decline of investigative journalism as it was too much of risk for all involved.
In short, journalism has become more scholarly, more snobbish, and more scared and, in the process increasingly has separated itself from the lives of its readers.