Most important perhaps is that new media like Substack are in direct competition with traditional newpapers like the NYT. Coase's great insight (in: The Nature of the Firm, 1937) was that firms exist in order to reap economies of scale. Traditional newspapers reaped economies of scale from printing, paper distribution, subscriber and advertiser management. Essentially all of this is gone. What modern newspaper scale on is branding, and and selling influence, but this is in direct contradiction with strong journalists' interest (who do not like to be told by their editors what to write and how). Until recently, top journalists could not go alone, since they lacked the expertise to handle monetisation of their writing. This changed with the likes of Substack, which centralises (automates) subscriber management, and technical infrastructure, but without editorship. Hence, top writers are increasingly moving away from traditional newspapers to something like Substack, with Greenwald and Scott Siskind being two high-profile examples. They won't be the last.
Newspapers see the writing on the wall and fight back.