At the EuroBlog 2006 Symposium last week, Steffen Bueffel of the University of Trier in Germany presented his observations of a local German newspaper and its engagement with bloggers (PDF Download here). During his presentation and the Q&A afterwards, he defined a new role for journalists and/or newspaper publishers: community managers.
But increasingly the quality of a publication's audience, as determined by their refusal to remain solely "audience" and insist instead on joining conversations everywhere, will influence advertisers and their budgets. This means that a publisher's job is not just to publish content and start conversations, but to house, nurture, promote and sanction those conversations.
In other words, to become community managers! This makes a lot of sense to me.