For some time now I had the impression that the number and quality of reports on foreign issues in the U.S. media decreased. A recent study by the Project for Excellence in Journalism confirms my subjective assessment:
[I]nternational news is rapidly losing ground at rates greater than any other topic area. Roughly two-thirds (64%) of newsroom executives said the space devoted to foreign news in their newspaper had dropped over the past three years. Nearly half (46%) say they have reduced the resources devoted to covering the topic–also the highest percentage recording a drop. Only 10% said they considered foreign coverage “very essential.”

With the U.S. involved in two official and several unofficial wars, an increasingly global economy and huge international problems like climate change one would think that the U.S. public needs more, not less information on foreign issues. But the only issues on which the papers increased their reporting are local news.
The reasons are likely financially. Serious foreign reporting is a bit more expensive than covering the local football league. A lot of advertising has moved to the web. But there is also the increased expectation of profits.
As former editor of the LA Times John Carrol explains:
All three papers I’ve been editor of, particularly the Los Angeles Times and the Baltimore Sun, are achieving [a 20 percent] profit target. … But they’re achieving their profit targets only by cutting resources every year, getting rid of reporters, giving the readers fewer pages of news in the paper. You don’t have to be a mathematician to know where that goes.
…
I think that newspapers could operate at a 10 percent average operating margin very, very robustly for the indefinite future. It would give them a better product, and it would give them money to invest in their future, which is a Web-based future.
Expectations of 20% profits in any long term business are overblown. But such expectations were the trend in the last decade heated by leveraged buy outs and other unhealthy greed schemes.
The economic bill for such behavior is currently presented. When the mess is over people may have a bit more frugal expectations and renewed interest in what is happening around the world.