“In 2009 and 2010, all the two-newspaper markets will become one-newspaper markets, and you will start to see one-newspaper markets become no-newspaper markets,” said Mike Simonton, a senior director at Fitch Ratings, who analyzes the industry ..."
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Yesterday, the NYT published this graph of the newspaper landscape dying

Link
But Nick Bilton is comforting the newspaper industry and journalists with:
The Paper is dying, but it's just a device ... Newspapers and news organizations are not going anywhere, except onto your phone, e-book reader, laptop and maybe even your shower wall ...