Back in the old days (before newspapers) there were lots of voices talking about lots of things. Very early newspapers left the back page empty for customers to write their comments on as they handed the newspaper to their friends. (People did the fact checking)
Fast forward a decade or two. The newspapers start consolidating information and journalism was born (i.e. Journalists checked the facts for you). Owning a newspaper was a great business.
Now fast forward to the present day. The Internet (and the search engines) have devalued the “news”. My fact checking is done online from hundreds of sources (also online).
There is “no scarcity of information” only the scarcity of time. When time is important be scarce, when time is not important be open.
The reason why newspapers are failing is that they continue to devalue the one asset they have – the scarcity of the information without a corresponding drop in the cost to deliver this information. The Internet changed the friction (think cost) in how information is delivered and fact checked – ergo the old business model no longer works.