A small television station in Santa Rosa, CA (KFTY-TV) has canceled its nightly newscasts…fired most of its editorial staff… and is soliciting programming from locals — from independent filmmakers to teachers and politicians. According to station managers, the newscast wasn’t a hit with advertisers. Media execs nationwide are watching to see if the the Clear Channel property can make money from citizen-generated stories that will begin airing within a few months.

Gutsy or stupid…time will tell. Hard to imagine how bad things would have to be (ratings, sales, etc) before this would seem like a viable option.