Hmmm. Sounds like a college newspaper! In fact, I suspect that there are few places where this structure—digital daily, print weekly—will work as well as on college campuses.

The Spectator, a nonprofit, also developed non-advertising revenue streams like events and donations that made the transition easier.

In a sense, what Spectator has made is not literally a model that can be copied in its particulars by the pros. But the students’ sense of balance, and their spirit, offers many lessons for the grownups.

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Steven Waldman was senior advisor to the Chairman of the FCC and principal author of its report on the changing media landscape. He was chair of the Council on Foundations Working Group on Nonprofit Media and is a consultant to the Pew Research Center. Before that, he was the founder of Beliefnet.com and a national correspondent for Newsweek.