To all of the bystanders reading this, pardon us. The true audience for this essay narrows necessarily to a pair of notables who have it in their power to save high-end journalism—two newspaper executives who can rescue an imploding industry and thereby achieve an essential civic good for the nation. It’s down to them. The rest of the print journalism world is in slash-and-burn mode, cutting product and then wondering why the product won’t sell, rushing to give away what remains online and wondering further why that content is held by advertisers to be valueless. The mode is full-bore panic.

And yet these two individuals, representing as they do the two fundamental institutions that sit astride the profession, still have a card to play, and here’s a shard of good news: it’s the only card that ever really mattered. Arthur Sulzberger Jr. and Katharine Weymouth, publishers of The New York Times and The Washington Post, are at the helms of two organizations trying to find some separate peace with the digital revolution, though both papers have largely failed to do so, damaging their own still-formidable institutions and, on a deeper level, eviscerating more vulnerable regional newspapers and newspapering as whole. Yet incredibly, they delay, even though every day of inertia means another two dozen reporters somewhere are shown the door by a newspaper chain, or another foreign bureau closes, or another once-precise and competent newsroom decides it will make do without a trained city editor, an ombudsman, or a fully staffed copy desk.

This then, is for Mr. Sulzberger and Ms. Weymouth:

Content matters. And you must find a way, in the brave new world of digitization, to make people pay for that content. If you do this, you still have a product and there is still...

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