Hello and welcome to Business Daily from the BBC. I'm Manuel Saragossa.

In this edition, when was the last time you read your local newspaper?

Revenues of newspaper companies have been in decline for more than a decade now.

It is a spiral down and there is no end in sight.

There's not much money being made anymore out of local journalism.

We hear why that should worry everyone.

There is less likelihood that people know what's going on, that voters know what's going on,

and therefore they're less likely to know whether their elected officials are doing a good job.

That's coming up here in Business Daily from the BBC.

The Pulitzer Prize is the most prestigious award in American journalism,

the industry's equivalent of the Oscars, if you like.

And the prizes were awarded last night in New York.

The one for local reporting went to a newspaper in the U.S. state of Louisiana.

For local reporting, the prize is awarded to the staff of the advocate, Baton Rouge, Louisiana,

for a damning portrayal of the state's discriminatory conviction system, including a Jim Crow era law

that enabled Louisiana courts to send defendants to

jail without jury consensus of the accused's guilt. The law was changed in the aftermath of the

advocate's investigation. Now, recognizing local journalism matters more than ever these days,

because around the world, local newspapers and local reporters appear to be a dying breed.

The problem? Well, money, basically. An estimated 58% of the UK now has no regional title.

It's no better in America when more than one in five local papers has closed over the past

decade and a half,

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