Despite the financial weaknesses, Seth ignores one reason why newspapers remain valuable: influencing opinion. Look down the ownership of significant papers - it does not matter if they cost money, as long as they create goodwill / influence opinion in favour of their owning tycoon's other businesses and activities. Their readership figures may be dropping generally, but if you go to important opinion forming places - parliament's private chambers, college common rooms - there remains a vibrant newspaper reading culture.