13. The AOL Way, January, 2011, slide 18.

15. The AOL Way, January, 2011, slide 33

18. Walter Winchell famously left the Evening Graphic and later joined the Daily Mirror in 1920s New York.

19. Details of the site’s financial information:

20. When LIN reports its “digital revenue,” it combines new-media sales with retransmission fees from cable companies in the sum. Based on discussions with Barry Lucas, a senior vice president at investment firm Gabelli & Co., who covers LIN, the authors estimate that half of the “digital revenue” represent new-media sales and half is retransmission fees.

Justin Peters is editor-at-large of the Columbia Journalism Review.