I have been screaming about this since I last worked in newspapers, and lest you think that’s me exaggerating, here’s 200FUCKING6.
It wasn’t the internet. It never was the internet. All the internet did is make it impossible to hide the stupidity and greed anymore. Back when papers were drowning in money they could spend it on dumb shit and pay off sexual harassers and hand out consultant contracts to their idiot buddies and nobody would even notice. Now, well, the margins are still good but they’re not THAT good.
Look at those margins, though. THIRTY PERCENT. Do you know what most phenomenally successful businesses make most years? A ten percent margin is considered good, and that’s by the soulless standards of American finance. These guys are swimming in it like Scrooge McDuck and they’ve got their reporters out here telling readers if they don’t subscribe everyone will die of starvation and it’s infuriating to the exact degree that it’s unnecessary.