Papers are not going to disappear, but executives must recognize that the fat and happy days are gone; in stock-market terminology, don't fight the tape. More than ever, think smaller staffs, local coverage and, perhaps most important, younger readers. Don't dumb down, but take the needs of your readers into account much more than you ever have in deciding what makes a story. Accept cultural change in the newsroom; the role of the editor as all-powerful intermediary is waning in the eyes of Internet-savvy readers. Think multiple distribution channels; cyberspace is as much a friend as a competitor. Recognize that the reader's time is valuable but also remember that analysis and narrative storytelling — not just facts and figures — remain in demand.
Interesting piece in this month's Knowledge@Wharton. Recommended reading.