ADDING: To be clear on that last paragraph: I’m not endorsing Paul Farhi’s suggestion that newspapers abandon the Web en masse. But they have to strike a better balance between their profitable and unprofitable products, while trying to build non-advertising revenue from their Web sites.

And none of this matters if print ad declines don’t stop plunging by 20 percent to 30 percent a year.

* I used the word “subscribers” several times when I actually meant subscriptions and newsstand sales. I’ve corrected that in the copy.

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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.