Jason Calacanis has boiled down the entire problem that print media has to a small paragraph:

I think that people may have underestimated exactly how dead print is as a NEWS carrier--and why. Print is dead in the news role because it can't keep up with the conversation--not because people don't like print per se.

That's pretty much it. The reporters at the NY Times, the WaPo (etc) still want to be breaking stories. The problem is, they can't accomplish that in print - and like any other mature business (RIAA, anyone?), they are having trouble adapting to the new reality.

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