"He added: 'You may argue that they're cannibalizing their print content, but at least they're recapturing some of it.' Still, the numbers are too small to make a difference, he said."
The paragraph about online revenue is the key reason why the outlook is not good for these newspaper giants. Even if they converted their operations over to be 100% Internet based, the amount of money they could get for online advertising wouldn't come close to what they could get back in the days of paper & ink.
In the old days, the costs of printing and distributing a newspaper were so prohibitively high that most cities wound up with one dominant newspaper that had an effective monopoly on certain kinds of advertising in a given market. For example, if you wanted to run a help wanted ad or a print ad for a major department store, there was really only one outlet in any given metro area that made sense. By going online, these well-established brands lose much of their value and their monopoly status. Sure the website for a particular newspaper might get a lot of eyeballs in its home market, but it would be relatively easy for a competitor to come in and start up a rival site that would compete for the local advertising $$$. So while the dominant daily newspaper in Anytown USA will probably continue to exist in one form or another, they'll never again be at the top of the uneven playing field that they got so used to over all those years.
As I've said on a previous thread, I'm not convinced that this process means the end of the liberal media establishment, but it is always fun to see pompous elitists take it on the chin and not even know what hit them.