Abstract: There exists a theoretical defect in the academic circle on the constitution and identification of the subject of news value, i.e.it completely ignores the possibility and necessity of social community as the subject of news value, which has been affecting the reform and innovation of journalism.From philosophical and journalistic theory we can see that besides transmission subject and acceptant subject, news value still has a third value subject- society, which is an independent one not belonging to the previous two ones.This paper tries to identify social community as the third subject of the news value, and seeks to reveal its journalism significance.

Key words: news value, value subject, the theory of single-subject, the theory of dual-subject, society-subject