Baquet said he believes solid reporting leads to valuable analysis, and aggregators such as The Huffington Post and many bloggers are not doing the reporting that national newspapers are.
"My biggest fear as I watch one of the great seasons of triumph covering the world today is not that newspapers will die," said Baquet, whose son goes to USC. "My biggest fear is that the craft of reporting is lost."
Although the business model is changing, he thinks there is always going to be an audience for quality content.
"You are all entering the profession at a wonderful time. Do not believe the doomsayers, you are going to revolutionize the profession," Baquet said. "You are going to recreate a profession at a time when it is more valuable than ever, and along the way you will have a blast."
Baquet also had some key advice for students:
1. "Take the job that will let you learn to report."
2. "Learn history."
3. "Understand the difference between building a career and honing a craft."
4. "Read, read, read."
5. "Don't get caught up in your ambition and aspirations so much that you miss the process of becoming a journalist."