The Christian Science Monitor, which itself changed its business model in recent months, carries a good commentary on a business model that works. It's the community publishing model, and the authors note the strength of the newspapers inside the Suburban Newspapers of America.
If the aim is hyperlocal, then the suburban and community papers are the real thing. They don't stray from their geographical borders and obsess within them. Their journalism is usually very sturdy and independent. We have some superb ones here in British Columbia and, like many locally-oriented media in smaller markets, they can produce strong profits.
Authors Dan McDonough and Alan Bauer, who run a community paper company in New Jersey, even have some bravado in their piece.
"So as the giant media conglomerates continue to watch their kingdoms crumble, and the self-styled scribes of truth chronicle their every misstep and blunder, the rest of us will continue to vacuum up their former readers and advertisers. We'll continue to grow. We'll continue to adapt. We'll continue to profit. And we'll do it all while upholding the standards of journalism that make newspapers so important. And therein lies the future of newspapers – one that's not so gloomy for everyone."