It is very difficult to argue with him. In my own neck of the woods, Media General is furloughing employees for ten days of unpaid leave in an effort to cut costs. It's now being whispered that my hometown's The Reidsville Review may not survive past the year. Meanwhile, there is evidence that The New York Times may finally crash and burn come later this spring. Fully a third of American newspapers might be bankrupt come summer, according to the article in The New Zealand Herald.
Well, can't say we didn't see this coming. Between the general state of the economy and how a considerable portion of the population gets its news from online, it was only a matter of time before traditional newspapers started feeling the blows.
But I'm of the mind that this is really just a period of "realignment" for the newspaper industry. Newspapers won't completely go away, but if they are going to survive they must figure out ways to adapt to the new order of things that is fast arising. I think that also means that the bigger outfits - like The New York Times and The Wall Street Journal and perhaps even regional papers like our own The News & Record - are going to have to scale back, while the smaller community-oriented outfits are going to continue to thrive.