... what's credibility?
In the below linked story, the New York Times surveyed its readers and discovered that only 21% of its readers believed all or most of whaat they read in the paper, while 14% believed almost... nothing. I can only imagine what the figures would be for the LA Times.
It also cites a Pew study saying that 45% of all Americans believe little or nothing of what they read in their daily newspaper. As for the NYT's proposed efforts to improve the image of their paper, about half of the effort seems to be PR to make us think its a better paper while the other half is actually devoted to making it a better paper.