Once you accept that all that free money from the middle of last decade is never coming back, you are left with two visions of newspapers’ future: diminution or re-invention. In the Post’s case, if you believe it can only be as good as it used to be by becoming as rich as it used to be, then you believe it will remain diminished, forever stuck doing less with less.
If, on the other hand, you imagine a Post that returns to, or even improves on, its best work, then by definition you are imagining it can somehow do more with less. This problem is not financial—it is foundational. It requires asking anew what good journalism looks like, in a world where the Internet exists.
Clay Shirky, via CJR.