Farm It – Keep doing what you do today as well as you can in the hopes of optimizing the existing franchise for as long as possible. This presumes that (a) the company will operate in a reasonably hospitable and predictable market environment and (b) management is sufficiently skillful to execute smartly with the available resources.
∷ Milk It – Accept the inevitable decline and fall of the traditional newspaper model and then whack costs to extract the most profits from the decaying business for as long as possible. On the day you no longer can turn a profit, throw the keys on the table and call it quits.
∷ Feed It – Determine that even the most proficient management cannot overcome the fundamental changes in the marketplace that have been cutting readership and revenues since the Internet arrived two decades ago. Instead of retreating, however, you leverage the waning strengths of the legacy business and invest aggressively in new digital products to reposition it for the future.
My good friend the Newsosaur outlines three newspaper models. Which approach is your local newspaper taking?
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