Among his points:
1. Revenue will never be the same, he argues, because newspapers are delivery vehicles not just for editorial but for a truckload of ads. Those ads won't easily migrate.
2. Transition to digital won't save print and will mean a much smaller business.
3. Even if a paywall is successful, newsgathering would need to be radically reduced.
4. The only way out is to charge subscribers, increase ad revenue and reduce newsroom costs.
5. The future of journalism remains bright. Digital media is getting better.
"So don't confuse the plight of newspapers with the state of journalism," he writes. "Journalism is in great shape. And digital-media journalism is getting better all the time."