It’s quite possible—likely even—that other major newspaper companies will have to restructure under bankruptcy protection to make it to the other side. But if they do, those with digital-subscription revenue streams will have a better shot of making it in the long run.

JRC is about to take a second bite at the apple, the bankruptcy court willing. Here’s hoping it can crack the code on a digital business model (perhaps with the help of subscriptions) that supports the kind of newsgathering its communities need.

In the meantime, a little humility wouldn’t hurt.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.