Found it! https://mobile.twitter.com/JeremyLittau/status/1088503510184927233 https://mobile.twitter.com/JeremyLittau/status/1088503510184... A few choice quot

Found it! https://mobile.twitter.com/JeremyLittau/status/1088503510184927233 https://mobile.twitter.com/JeremyLittau/status/1088503510184... A few choice quotes: > For those who aren’t quite sure why these media layoffs keep happening, or think “it’s the internet!” or “people don’t pay to subscribe,” there’s a lot more going on. > Classified ads were a damn boondoggle. $500 in a mid-metro to place a car ad. The more expensive your item, the more you got charged. No wonder people rebelled the minute they were offered the ability to do it for free. Newmark didn’t kill classifieds; news publisher greed did. > Profit margins for companies like Gannett and Knight Ridder were commonly around 30-40%. > So chains started gobbling up papers all over the country in the ‘80s and ‘90s. They took on debt to do this because with 40% margins, there wasn’t much downside in that model.