The parent companies of all three networks would ultimately find a common way of dealing with the risk and expense inherent in operating news bureaus around the world: They would eliminate them. Peter Jennings and I, who joined ABC News within a year of each other in the early 1960s, were profoundly influenced by our years as foreign correspondents. When we became the anchors and managing editors of our respective programs, we tried to make sure foreign news remained a major ingredient. It was a struggle.

Peter called me one afternoon in the mid-'90s to ask whether we at "Nightline" had been receiving the same inquiries that he and his producers were getting at "World News Tonight." We had, indeed, been getting calls from company bean-counters wanting to know how many times our program had used a given overseas bureau in the preceding year. This data in hand, the accountants constructed the simplest of equations: Divide the cost of running a bureau by the number of television segments it produced. The cost, inevitably, was deemed too high to justify leaving the bureau as it was. Trims led to cuts and, in most cases, to elimination.

The networks say they still maintain bureaus around the world, but whereas in the 1960s I was one of 20 to 30 correspondents working out of fully staffed offices in more than a dozen major capitals, for the most part, a "bureau" now is just a local fixer who speaks English and can facilitate the work of a visiting producer or a correspondent in from London.

Much of the American public used to gather before the electronic hearth every evening, separate but together, while Walter Cronkite, Chet Huntley, David Brinkley, Frank Reynolds and Howard K. Smith offered relatively unbiased accounts of information that their respective news organizations believed the public needed to know. The ritual permitted, and perhaps encouraged, shared perceptions and even the possibility of compromise among those who disagreed.

It was an imperfect, untidy little Eden of journalism where reporters were motivated to gather facts about important issues. We didn't know that we could become profit centers. No one had bitten into that apple yet.

The transition of news from a public service to a profitable commodity is irreversible. Legions of new media present a vista of unrelenting competition. Advertisers crave young viewers, and these young viewers are deemed to be uninterested in hard news, especially hard news from abroad. This is felicitous, since covering overseas news is very expensive. On the other hand, the appetite for strongly held, if unsubstantiated, opinion is demonstrably high. And such talk, as they say, is cheap.

Broadcast news has been outflanked and will soon be overtaken by scores of other media options. The need for clear, objective reporting in a world of rising religious fundamentalism, economic interdependence and global ecological problems is probably greater than it has ever been. But we are no longer a national audience receiving news from a handful of trusted gatekeepers; we're now a million or more clusters of consumers, harvesting information from like-minded providers.

As you may know, Olbermann returned to his MSNBC program after just two days of enforced absence. (Given cable television's short attention span, two days may well have seemed like an "indefinite suspension.") He was gracious about the whole thing, acknowledging at least the historical merit of the rule he had broken: "It's not a stupid rule," he said. "It needs to be adapted to the realities of 21st-century journalism."

There is, after all, not much of a chance that 21st-century journalism will be adapted to conform with the old rules. Technology and the market are offering a tantalizing array of channels, each designed to fill a particular niche - sports, weather, cooking, religion - and an infinite variety of news, prepared and seasoned to reflect our taste, just the way we like it. As someone used to say in a bygone era, "That's the way it is."

Ted Koppel, who was managing editor of ABC's "Nightline" from 1980 to 2005, is a contributing analyst for "BBC World News America."