In this magisterial post, web guru Clay Shirky (who once kindly responded to my interview request for a long-dead print magazine called, ironically, Internet Business), says it all:
Round and round this goes, with the people committed to saving newspapers demanding to know “If the old model is broken, what will work in its place?” To which the answer is: Nothing. Nothing will work. There is no general model for newspapers to replace the one the internet just broke.
(HT: Pat Thornton)