Was the problem that they were "unable to adapt to the new world," or was the problem that they editorially went off the deep end? Readers abandoned Newsweek as Newsweek's quality declined. Perhaps the one drove the other--with fewer readers, it was tougher to fund expensive journalism. But, from the link: "Last November, she featured a cover story about sex addiction, and in May President Obama was shown wearing a rainbow-colored halo with a headline that read ”The First Gay President.”" The Internet didn't do that; Tina Brown did.