That makes it a bigger loss, to have been conservative. However, they must have seen the sweeping changes in how folks get their news today. I almost never buy physical papers anymore. I do miss knowing more about community news, but if I really wished to, that also is online.
Paper media will survive in small niche areas, but where ever Wifi exists, 80% will use their phones vs go to a news box (if you can still find one) and pay $2. for what looks like 00.75 Cents worth of paper and news.
The only time I buy a dead tree paper is the occasional Sunday when I have the time to solve the NYT and Sunday crossword puzzles.