News as a Commodity
The business models for news companies rely upon regional based monopolies that are quickly eroding.
Domain names and community activity largely supplement or replace the need for much of the generalist news or syndication based business model. I used to live in State College and talked to the guy who owned StateCollege.com. The local paper was doing worse and worse every year, and with a small aggressive staff, better technology, more interactive ads, and a great domain name beat them.
And the news that is worth money spreads fast OUTSIDE OF the pay wall. Does WSJ want the pageviews for breaking a news story, or do they want to see the TechCrunch post about the WSJ story get those pageviews?
If you do not think news is a commodity take a look at this image. It says it all, IMHO.