Our core view is that the way forward is more through innovation, technology, product developments, and developing new and innovative sustainable business models than cross-subsidization. There are a number of reasons for this, largely based on the fact that creating subsidies is not sustainable in the long run. It tends to build in a dependence upon the subsidy and doesn't necessarily spur the kind of innovation that you're looking for to actually have sustainable models.
The big challenge that everyone's facing right now is essentially the disruption. You had an entire industry built around certain preconditions—they were geographically limited, they essentially had control of production and distribution, and they were the ones who had control of the audience. The Internet changed that, by virtue of the fact that anyone can get information anywhere they want. A lot of the core-value propositions that newspapers used to offer, not just advertising but also classifieds, have been disrupted. Craigslist and Kijiji were great disrupters, and this all pulled that bundle of value apart. Now it is the newspapers that are trying to figure out how they can adapt to the age. At the same time, they are effectively encumbered by legacy costs driven by the print business.
Where you're seeing the real innovation is on the pure digital players, the guys who are emerging from local communities who aren't coming from that space. They are not encumbered by those costs, and they can actually leverage the digital tools. This means they can produce at very low cost, except for their time, sweat, and tears.