Above: Norm Pearlstine at the “Media Minds” breakfast on Nov. 14, 2013. Photo credit: Gabe Palacio Photography.

Look inside the mind of Time Inc. Chief Content Officer Norm Pearlstine and you’ll see excitement over the future of Time and deep concern, on a personal level, about the future of local news.

That’s what emerged as Alex Jones, director of Harvard’s Shorenstein Center on the Press, Politics and Public Policy, interviewed Pearlstine at the second “Media Minds” breakfast sponsored by Knight Foundation in New York. The event brought together more than 120 high-level media industry executives and Knight grantees from the greater New York area.

Pearlstine downplayed questions about editorial integrity that have been swirling since the Oct. 31 announcement that he was returning to Time Inc. from Bloomberg as chief content officer, reporting to a CEO who is tasked with taking the newly spun-off company public next year. Previously, he headed Time as editor-in-chief.

Editorial integrity is burned into the brand on all levels, Pearlstine said, and editorial and business divisions need to work together to take the brand into new areas beyond magazines. He added that he had long believed that circulation/marketing functions should be part of editorial, since editors should be measured in large part on the reach of their work.

When asked about what worried him, he said, on a personal level, it was the disintegration of the newspaper-centered business model that long supported local, county and state-level journalism. Technology makes it easier for individuals to report stories, but doesn’t ensure the week-in, week-out coverage of state houses and local issues that are so important in a democracy. 

“We have a business model that can support a profitable media company,” he said. “We have not yet come up with a business model that can support much of the journalism required for a free society.”

The room was sprinkled with people whose everyday work addresses Pearlstine’s concerns. Steven Brill mentioned that more than 700 publications were using the Journalism Online metered paywall system he developed with Gordon Crovitz. Knight Foundation President Alberto Ibargüen has directed almost $300 million in funding to journalism and media innovation since taking the helm of the foundation in 2005. 

Knight grantees present included Sawhorse Media, which started the Shorty Awards for the best content on social media but is now earning revenue with its Muck Rack journalists’ directory. More than one speaker cited The Texas Tribune, which is generating revenue through sponsorships, events and memberships to supplement grant funding as it covers Texas politics. ProPublica has assured wide distribution without huge costs by partnering with leading news brands on its investigations.

Asked if Time Inc. felt an obligation to support local, public-service journalism—much of which is now being done by nonprofits—Pearlstine said no, but that Time was very open to sharing, linking to or aggregating great content wherever it comes from. “If you’ve got great stories, give me a call.”

Andrew Sherry, vice president of communications at Knight Foundation