Four top executives in American journalism met in a panel discussion Monday night at the National Press Club to discuss the future of their practice and what can be done to save American journalism. Despite the bleak economy, several of the top news outlets spoke optimistically of the future of their business.

The show is partially funded by GW, and Michael Freedman, GW’s vice president for communications, is the executive producer. All of the panelists came to a fundamental agreement that shrinking revenue, not audience levels, is the single most important problem facing the journalism industry.

“This is not about a declining market, this is about a growing market,” said Tom Curley, president and CEO of the Associated Press. “The problem is the revenue is going in different directions.” For newspapers and news organizations looking to survive the changing advertising experience, Alberto Ibarguen, president and CEO of the Knight Foundation, said there is promise in the web.

“I think this is a time for experimentation,” said Ibarguen, “we should think of news as a utility.” Moderator Marvin Kalb also remarked that the optimistic tone of the panel made it sound as though journalism is not in dire peril as commonly thought. CNN President Jon Klein explained that CNN has evolved with technology, and will continue to survive that way.

The 24-hour news network feared their own demise a decade ago when internet provided 24-hour news wherever people were. However, Klein said CNN created the top news website, so CNN could adapt again as new technologies arise.

Online forms of news media like Twitter and Google News have capitalized on their new mediums, but, as Ibarguen admitted, they do not always add to the quality of journalism. “Every story that was ever published or every radio program that was broadcast…you can’t say that all of them added to the quality of journalism,” he said. “Some of them are going to be irresponsible, and some of them are going to be absolutely fabulous.”

He added that he trusted intelligent news consumers to decipher between good journalism and clutter. Vivian Schiller, president and CEO of National Public Radio, said the ability of consumers to filter out useless information has been overlooked by professional journalists. “There’s a lack of trust in the intelligence and discerning power of the audience,” she said.

The fear associated with the end of the era of newspapers is one Klein ascribed to pure nostalgia. “I think we have to let go of [the newspaper],” said Klein, “that’s a big emotional connection a lot of people feel and its not necessarily worthwhile.”

Schiller, who served as senior vice president and general manager of  before moving to NPR, said she believed there are certain aspects unique to the newspaper that cannot be taken for grante.

“I agree that we need to let go of the love of the news print, but what newspapers have that I don’t see existing very well in any other media, is true, in-depth enterprise and investigative reporting.” Kalb mentioned the views of the panel would have been even more interesting if the heads of The New York Times and The Washington Post had not turned down the invitation to participate.

Representatives from both publications said they were “too busy” to which Kalb said “that very well may be” to the laughter of the audience. Schiller encouraged students in the audience stay the course despite the challenges facing the future of the news industry.

“We need every student in this room to be committed to a career in journalism because we’re too old to figure out what the next delivery method is going to be. We need you guys to figure it out,” she said. Last night’s program was the final show of the season, and will return in the fall for its 65th season.