Writing in the Columbia Journalism Review, Terry McDermott’s post-mortem on newspapers addresses both the style and substance. It’s a good read, and about much more than the business model. It’s more about the heart of the thing.
The point is that newspapers have been killing themselves slowly for a long time. So long as the monopoly profits rolled in, the death by a thousand cuts wasn’t paid any attention. When the Internet arrived to eliminate the advertising monopolies, the newspapers already had a foot in the grave.