Money quote:
It’s worth remembering that the regulatory apparatus governing the industry was developed back when newspapers were the dominant local ad medium, with very little competition. In recent years, the Newspaper Preservation Act has done precisely the opposite of its framers’ intention, allowing joint operating agreements that let weak papers linger and pull down the alpha papers in Detroit, Seattle, Denver and Tucson.
The Justice Department still holds that combining local dailies is anticompetitive, but if that antiquated logic continues to prevail, there won’t be much left to regulate.
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