Robert Picard, one of the world's leading economists studying media, has a calming blog post that suggests the bottom isn't falling out of the newspaper business.
The old business model isn't working as well, but the industry isn't dead or dying, he asserts. He expects many firms to look outside the industry for help because the newspaper business has no experience with this kind of transformation.
The painful restructuring is necessary and will compel owners to focus on particular assets (and discard others) and add new value to their newspapers, he concludes.
