Following a period of near-bankruptcy in the late 1970s, New York City renewed its stature as a cultural center, attracted more immigration, and hosted the development of new music styles. The city developed from publishing to become a media capital over the second half of the 20th century, hosting most national news channels and broadcasts. Some of its newspapers became nationally and globally renowned. The state's manufacturing base eroded with the restructuring of industry, and the state transitioned into service industries.