The business model for newspapers, we are told, is collapsing. Newspaper companies across the world are under siege from investors and bankers because their advertising revenues are in free fall due to an enveloping recession, and because their monopoly on classified advertising has been hijacked by the internet.

Right now, most big newspaper publishers are acting like stunned rabbits in the headlights. Their immediate solution to this tsunami has been visceral: cut costs, try to sell assets, cut more costs, slice dividends, defer debt repayments, cut more costs. And, after all that, pray that the spiral will end soon.