Last year will easily go down as one of the most turbulent ever in journalism. Yet nowhere was the devastation greater than among the players who cover business and the economy. By my reckoning, the print operations of the Big Four in business - The Wall Street Journal, BusinessWeek, Fortune, and Forbes - lost more than $200 million last year.

No wonder major layoffs became a fact of life for business journalists and editors. It is also no surprise that ...