Sometimes I feel like I missed the “golden era” of photojournalism. It seems every time I turn around my colleagues are loosing their jobs as newspapers seek to become more profitable.

So imagine my surprise and relief when I read this article from Reuters.

U.S. newspapers that spend more money on their newsrooms will make more money, according to a study released on Wednesday, which questioned the wisdom of the media industry’s trend of cutting jobs to save costs.

The authors of the University of Missouri-Columbia study, which was based on 10 years of financial data, said news quality affects profit more than spending on circulation, advertising and other parts of the business.

The study was done by a school of journalism which has a vested interest in people getting jobs in the industry. So take this as you will.