But it was not just the shareholders’ fault. Competition, the catalyst that drove journalists, that fueled their anxiety, fear, ruthless streaks—qualities of personality that propelled them to succeed—had been vanishing for decades. Fewer newspapers in fewer towns found themselves in direct competition for stories, and while this helped make a good many papers very profitable (Exhibit A: Gannett), it also had the effect of rendering many newspapers into vanilla approximations of themselves. The papers weren’t necessarily bad; they looked good and read well enough. But it was hard to imagine anyone standing on a street corner shouting, “Extra! Extra! Read all about it!” when the headline screamed “Zoning Dispute”.

The problem with the content, however, did not stop there. Stories were ever more routine, in the subject and in the way they were told—so much so that news, as defined and presented, had for years been an ongoing object of parody in, most famously, The Onion.

The pity of it was that in the decades that preceded the recent downsizing of content, newspapers had been stretching the definition of news in ways that made papers of the more distant past seem hopelessly narrow. Front Page romanticism aside, readers of, say, the St. Louis Star in 1942 would have had no sense of the dark and frightened mood in town in the first winter of World War II, because the paper did not consider such matters news. A generation later, everyone, it seemed, had an investigative team, as well as education, immigration, and health-care reporters, and a local columnist or two. The best writing was no longer necessarily on the sports pages and there was no shortage of FOIA requests. The definition of news expanded, as did the way news was told.

But then, over a stretch of years long enough that it was hard to notice, the reports that came back from once-proud-and-lively newsrooms were that it was getting very hard to, say, sniff out local corruption or capture the zeitgeist of a community when your beat had expanded from three towns to ten, and when the unspoken but well-understood directive from above was to feed the beast, in print and, in time, online. Newspapers still produced admirable work, but the appearance of another plaque on the newsroom wall tended to obscure the fact that while great work was still being accomplished, a good deal of what was otherwise being done was of diminishing value and allure.

So for Borrell, editors and publishers and owners who rallied to the cry of paid content were working under the misapprehension that what they had given away or sold very cheaply would suddenly be regarded as having value by readers whose needs had been sadly undervalued for a long time.

But Borrell still believed that there was money to be made in the news business—online and in print. Print was the place for display advertising, and for all those coupons and end-of-summer ads. Free online access brought the readers—the eyeballs—advertisers wanted. As for paid content, Nancy Wang and Jeff Mignon had for some time been preaching the virtues of a hybrid approach of mixing paid and free online content to the fifty or so news organizations of various sizes they consulted for, and the result, she says, was almost always the same: the young, Web-savvy people would get excited by the possibilities, and their older, more tradition-bound editors, she says, would scream, “NO!”

The resistance, she explains, was not a function of blind stubbornness, but rather a fear that that which they hold sacred was about to be diluted in the name of making a buck. And they were not altogether wrong.

It was at this moment in the conversation that publishers and editors were forced to confront a difficult choice: if a newsroom had a finite number of reporters, and if that newsroom needed a new revenue stream to make up for declining circulation and lower ad rates, it needed to report something that people wanted enough to pay for. Not all people. Just some, with the money and the willingness to pay.

Michael Shapiro is a contributing editor to CJR and teaches at Columbia's Graduate School of Journalism. His most recent book is Bottom of the Ninth: Branch Rickey, Casey Stengel, and the Daring Scheme to Save Baseball From Itself.