Imagine the web came before the newspaper, and you were an investor. Then someone came to you and pitched you : I'll take the best stuff on the web, print it daily on paper in factories, transport it all over the country in the night, then sell it for the price of a cup of coffee. I'll also hire a bunch of expensive writers to write quality content, and I'll also make that content available for free on the website so as to make people want to buy the paper.

Would you invest?