The article supports the hypothesis that contemporary journalism is facing a crisis of governance, derived from the fraying of social relations between the media enterprises and their audiences (readers, sources, stakeholders, advertisers, subscribers). In contrast to the interpretations that limit the crisis to the funding issue or the business model, we argue that such difficulties are apparent manifestations of structural changes in relations between journalism and the public, affecting both production and circulation of journalistic information processes, particularly concerning its corporate organizational form. Each of these dimensions is affected by actions and representations of the audiences, heavily modified in just over a decade in response to the changes in technology and communication. The article demonstrates how the concept of governance gives a better understanding of the dimensions of the crisis and a glimpse into the possible solutions.