This catalogue of the woes of the NY Times - one of the premier "old media" properties - makes me think that the days of print newspapers are coming to a close faster than I thought they would. It's easier to read news through a browser or aggregator, but even on the go, devices like iPhones, iPod Touch, and various other smart phones, make it easy to read what you want on a device you carry everywhere.
As the linked article points out, the advertising declines are what will be the death of most newspapers - if fewer people buy, fewer companies advertise, and the whole thing becomes a vicious cycle of decline. I don't really see a way out for the print side of things. There's plenty of future online, but the transition from where they are now to where they need to be is going to be painful - and inertia filled.
Update: A nice summation of the problem here.
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