A business perspective on newspapers

While the tide of doom-and-gloom, self-loathing articles about the demise of newspapers has slowed down, I thought this article by Daniel Gross in Slate, examining the industry from a business perspective, was a unique take. Here's the money line:

While newspapers have serious problems, the recent failures of several newspaper
companies shouldn't necessarily lead to visions of the apocalypse... the
failures may say more about a style of capitalism than an industry. Each company
was undone in large measure by really stupid (and in one case criminal)
activities by managers.

I think it's a bit oversimplistic to simply blame "a bunch of private equity types," although clearly capitalism and newspapers aren't a good mix right now. But while Gross thinks its a certain type of capitalism that caused the demise of newspapers, I'm inclined to believe it's more of a general, growing perception that information should be free. And I'm willing and able to admit my generation is guilty as charged.