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On the eve of the 21st century, the newspaper industry faces challenges on several fronts: dwindling readership; new media competing for audience and advertisers; increasing fixed costs of doing business; and increasing profit pressures. In response the industry has re-examined its values and, in the spirit of "change," attempted to instill a more reader-driven and market-driven newsroom culture. Change initiatives include restructuring from beats into teams, redefined areas of news coverage and newsroom managers becoming more involved in marketing newspapers. A purposive sample of 18 newspapers that have been active in the American Society Newspaper Editors Change Committee was chosen to study those journalists most experienced in change initiatives. These newspapers are geographically dispersed with circulations from 10,000 to more than 1,000,000. Mail surveys were sent to 989 managers and rank-and-file, 524 responded, or 53 percent. This study finds that both managers and rank-and-file are having a difficult time adjusting to new values and roles. Three types of newsroom managers emerged from a Q study: the Critical Skeptic, the Change Agent and the Resigned Pragmatist. Only the Change Agent is optimistic about the direction change initiatives are taking the industry. The other types see increased profit pressures and marketing roles as a threat to journalism and want to preserve the "wall" of separation between the news and business sides of newspaper organizations. Rank-and-file indicate that they recognize the need for change and accept it as a part of work. Beyond this, they have few good things to say about change. Rank-and-file think the newspaper industry is increasingly driven by profit and marketing values. They do not think their editors have adhered to organizational theory in executing change, and they see their bosses as inflexible and autocratic. They see themselves as in the midst of a cultural revolution that requires the sacrifice of their journalistic values for the sake of marketing and profit. morale remains low. This study casts doubt on whether management and organizational theories of change are applicable to newspaper journalists, who--more than rank-and-file in other manufacturing industries--have traditionally enjoyed a great deal of job-related autonomy and decision-making. This study also shows that the valued traits, of journalists are changing, as team-based newsroom structures place more emphasis on the group and collaborative work than on capable individuals.