The economics of newspapers

The soon-to-be-working for the Center for American Progress Matt Yglesias writes:

The New York Times is known for its hard news coverage, but
he observes that from a business perspective it’s primarily a fashion
and food publication that runs a small political news operation on the
side. One issue of T Magazine, he says, pays for an entire NYT

And, of course, I would add that the broader logic of the internet
is toward disaggregation of content — the fact that newspapers cover
such a wide array of content has to do with the economics of printing
and distributing bundles of newsprint. In the future, fashion ads
probably won’t be able to cross-subsidize any bureaux anywhere. On the
other hand, there may be a corrupting impact of some of this
cross-subsidization — I can’t help but suspect that the importance of
real estate advertising to papers may have distorted their coverage of
the housing bubble on the way up.