Online media, citizen media, and traditional print publications are competing at unprecedented levels, which are forcing many publishers to tighten their belts as a way of gunning for survival. Any tighter and they may suffocate themselves.

BusinessWeek just cut 15 reporters from staff, including good friend, Larry Armstrong. The publication is citing difficulties in the market.

It’s true that publications are laying off staff and it isn’t new. However, it’s always interesting to see who they target in their rounds. Larry is a proven, well known and highly respected business and technology journalist.

I wonder why him and not someone else? Is the publication struggling to find relevance in a web-driven world? Is it banking on the younger, more web 2.0-savvy reporters to carry it forward? And more importantly, what can veteran journalists do to ensure longevity as the channels and technologies for news distribution change?

The escalation of social media is forcing publishers of traditional media to evaluate significant changes in their business models. Cutting expenses is only one way to ensure sustenance in the new media world.

Either way, it’s interesting to watch the landscape continue to play itself like a grand, highly visible chess tournament, with each hoping not to get taken out in the game of influence.

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Tags: businessweek, Larry Armstrong, blogs, socialmedia, media, citizen+media