This document summarizes key findings from the 2012 Pew Research Center's Project for Excellence in Journalism report on the state of the American news industry. It notes that technology giants like Google, Facebook, and Apple are increasingly powerful makers of digital services and may acquire major news brands. It also discusses trends like more mobile news consumption, social media being important but not overwhelming drivers of news, growing cable news viewership, more outlets adopting digital subscriptions, and privacy becoming a larger issue for the news industry.