A GLOOMY LOOK AT THE NEWSPAPER INDUSTRY: “The resulting dynamic is a value-destroying feedback loop: Declining ad revenue and readership necessitates cost-cutting. Cost-cutting inevitably affects content. Diminished content, whether real or perceived, alienates readers, who become more likely to cancel their subscriptions and seek out alternative news sources. This accelerates the migration of readers to online sources and the decline in ad revenue, which will necessitate even more cost-cutting. We think the cycle will feed on itself.”