I don't think it's good journalism that cost money but the infrastructure to maintain so many journalists being situated around the world. The question is if this is really necessary. My guess is more and more, no it isn't
Obviously you don't really need a journalist for every newspaper being situated in different parts of the world. I understand why they do it, but the problem is that they are often forced to compete with local citizens with cellphones, twitter, citizen journalism etc.
Most people don't really read news for the good journalism, they read it for the value of reading news.
How well this news is being written is in my mind secondary from that point of view.
But obviously it's not so simple. I just don't buy the argument about good journalism.