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.

If you'd like to get email from CJR writers and editors, add your email address to our newsletter roll and we'll be in touch.

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.