[jeremymims]

Roel, this path has already happened in the United States. In fact, we're in yet another round of consolidation where private equity groups are purchasing large stakes in the largest newspaper companies.

What we're starting to see is the rebirth of local community publications like non-profit donation supported pubs: http://www.newhavenindependent.org and http://www.texastribune.org.

We're also starting to see rapidly expanding for-profit groups like Community Impact. Who would have thought that relentlessly focusing on quality content would pay off?

It's often easier to get local advertisers to buy into the idea that they'll be targeting a local audience. Why wouldn't your bake-off article example be sponsored by the local grocery store or law firm? Which local advertiser wants to appear next to the national political debate article?