Knee notes that the newspaper business is very viable, profitable and sustainable, despite circulation declines.
Even good businesses have terrible capital structures, though, and Knee correctly identifies debt loads assembled in better economic times as challenges to overcome --- along with outdated and excessive cost structures.
"Obviously the Internet isn't the newspaper industry's friend," he writes. Embracing technology is necessary, but not in a blind trust.
Newspapers will be part of a crowded environment and need to focus differently. He isn't clear on what.
"Operators must aggressively focus on cost and cooperation, designing truly distinctive offerings that leverage their advantages in this newly competitive landscape."