I suppose they are hoping the social companies (FB/GOOG) do not pull out, so then they get all the listed benefits around data and profit sharing (including algorithms - if Google had to share SEO implementation details or FB with their feed, that would be unprecedented I think).
But if they do call the bluff and pull out, then I don't see how it helps the papers apart from being able to set the narrative on their own platform and limit discourse (comments/critiques) off-site. If you can't share something on Reddit etc and talk about it, then you have to comment on 'approved' venues which will help bolster any cases they make by shutting out dissent. They are probably hoping this is still a win as others will go to the source directly, and pay if they have to because now there will be no other option.
In short they're used to the pre-2000 era and never adapted. They think with the right laws we can turn back time.