The AP is under siege! Since announcing a rate structure change effective 2009 a stream of newspapers including the Tribune Co. have filed intent-to-cancel notices, Politco has recently begun outsourcing its coverage to newspapers nationwide and now CNN is pitching a cheaper wire service to newspapers called CNN Wire.

It’s a somewhat puzzling decision on the part of the cable giant to invest in print when the industry is in a freefall: why not put that money into further online innovation? (On a side note: numerous people on our Twitter feed noted they were watching Mumbai coverage via a livestream on CNN.com). However, according to the New York Times CNN “already runs an internal wire service for its bureaus and CNN.com, and [Jim Walton, president of CNN Worldwide} says that taking it outside is a logical step.” A trial version of the service has apparently been on display in a number of newspapers but they are aiming to spread their wings with a “get to know you” “CNN Newspaper Summit,” this week in Atlanta.