Journalists across the country burst into flames of panic this week, as bad news for the news business crested and erupted everywhere all at once. Patrick Soon-Shiong, the billionaire publisher of the Los Angeles Times, laid off 20 percent of his newsroom. Over at Time magazine, its billionaire owners, Marc and Lynne Benioff, did the same for 15 percent of their unionized editorial employees. This latest conflagration had ignited at Sports Illustrated the previous week as catastrophic layoffs were dispensed via email to most staffers. Business Insider (whose parent company Axel Springer also owns POLITICO) jettisoned 8 percent of its...