" It just got ugly in the 1970s for New Journalism, hastened by the decline of general interest magazine. So what happened? Television, mostly, which siphoned away readers and ad dollars, turned celebrity culture into a growth industry, and assured the end of Life, the Saturday Evening Post, and Collier’s – magazine that had published Mailer, Didion, Hersey, and many others. Esquire, New York, and Rolling Stones were no longer must-reads for an engaged readership that couldn’t wait for the next issue to arrive in their mailboxes, eager to find out what Wolfe, Talese, Thompson, and the rest had in store for them. As the seventies drew to a close, so, too, did the last golden era of American journalism.
But there was also a sense of psychic exhaustion – that the great stories had all been told and there was nothing left to write about. "

― Marc Weingarten , Who's Afraid of Tom Wolfe?: How New Journalism Rewrote the World