The news has always been subsidized; it has never been a money maker. Print newspapers were mechanisms that bundled content and the lucrative parts – automotive, home and garden, classifieds – subsidized the difficult to monetize but incredibly socially valuable national and international news sections. According to a 2010 presentation by Hal Varian, classified ads once accounted for about 32% of total newspaper revenue. Craigslist, monster.com, and other online venues have removed this revenue source for newspapers – even in their online manifestations. Total classified ad revenue declined over 70% between 2000 and 2010 industry-wide, from a robust $19.6 billion to a paltry $6 billion. This decline was most pronounced in recruitment advertizing: 2010 revenue was 10% of what it was in 2000. But the declines are apparent across...

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