I think what the article is trying to say is that the printed journalism is in trouble. And it might well be, but there are a lot of other forms of journalism that are rising up.
We might not see something homogeneous resulting from it or a direct substitute/evolution of these printed media formats. Maybe one of the consequences of living on a permanently connected society is that we no longer need a periodical summarization on whats going on in the world.
But as a journalist myself, theres a couple of things I'd like to see, even if they might not be profitable or practical:
1. A big daily newspaper shifting the news producing cycle. Devote the web to last minute, daily news. Create a weekly focused on analysis and long features.
2. A tool to reach different groups of readers with different ages and ways of consuming news pieces.
2.1 How are teenagers discovering these days whats going on in the world? Through links in 4chan? ok, lets put links in 4chan then.
2.2 How are 60-somethings engaging with important issues? through long forwarded mail chains with powerpoints attached? Great, lets do that!
4. An advertising platform that doesn't consider ads something to sell for cents on the click. This has been one of the major disrupting elements in the printed journalism world. We used to sell ads for A LOT of money, even when (or maybe because) there was no way to effectively measure the reaction of the reader.
But mostly what we are seeing is a total transformation of a business and I don't think theres a way to change that or "save" anything. It's similar, in a sense, to what happen to music labels a decade ago.
A. The business structure cannot sustain the current way the people are using the product.
B. People in charge are worried of making big changes that might render them obsolete, therefore they try to maintain the statu quo.
C. Most of the income is gone. Ads are cheaper and people buy less newspapers.