The Project for Excellence in Journalism has issued its 9th annual report on the State of the News Media. The good news: The public maintains a strong interest in news, and new applications for mobile devices are delivering news to new audiences. The bad news for traditional media (or what some call “legacy media”) is that advertising revenues for printed newspapers continues to decline. What are the implications for journalism? For democracy?  Ryan Frank, a former Oregonian reporter who is now the publisher of the University of Oregon’s student newspaper, offers a perceptive analysis of the report.