That's the conclusion of John Maxwell Hamilton who in his book Journalism's Roving Eye: A History of American Foreign Reporting. says
the biggest obstacle facing U.S. media operations isn't gathering foreign news and publishing it. It's getting readers and viewers to pay attention to it.
There's a great question and answer session with John over at Slate Magazine where he reminds readers that
that foreign news has always occupied a precarious place in the news business and suggests that foreign-news reporting isn't so much in decline as it is in transition. The Internet has made the foreign press accessible in real time to the U.S. audience, and modern transportation and communications hubs have made it easier for resourceful reporters to "parachute" into stories.