“The transformation of the media world is well underway, facilitated by the spread of digital tools. A myriad of innovative new media organizations have sprung up to take advantage of the opportunities that stem from low-cost distribution networks. Meanwhile the economic base of many of the large media companies continues to erode. Despite the demonstrated success of many new media enterprises, the euphoria over the rise of participatory media has been tempered by concerns over the quality and credibility of online media, the possible fragmentation of audiences, a decline in editorial standards and the persistent challenge of effectively reporting the news. Over the past year, researchers at the Berkman Center for Internet & Society have reached out to a broad range of media experts to help in this assessment of the changes in new media over the past several years and to take a sober look at the successes and ongoing challenges.