Most still have big profit margins, which is one of the reasons they are getting their ass kicked. For the first time in decades they are faced with a strategic

Most still have big profit margins, which is one of the reasons they are getting their ass kicked. For the first time in decades they are faced with a strategic threat, and instead of cutting margins a bit and investing their way into better position they've been cutting full time beat reporters, their only advantage over the talking heads. (I used to be a Newspaper Guild member, but never worked for a paper per se. It's complicated.)