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And we live in one of those "smaller" communities, where people rally round the flag, keep track of the University and neighborhood sports scores, with geographic isolation and no other "leakage" sources of news, and yet the Knoxville News Sentinel keeps losing subscribers right along with the rest of the industry.

Maybe Knoxville, with a population of 180,000 (is that right?) is still too big. I live in a REAL small town, with less than 25,000 people, and there is no practical alternative to the newspaper, delivered for free once a week and loaded with ads which I have to wade through to get the local news, like how the local windmill blade plant is doing, or what my neighbours are saying about natural gas exploration in our area, or the interview with the community college director. I can't find that news anywhere else, although I can find some of it one someone's blog somewhere, no doubt. I suspect they still make a ton of money, with a few salaries, and basically the same ad revenue they've always had.

It's probably only 5-10% of the population that live in such small places, maybe less, but those would be where I would look for profitable papers. Mine are owned by a biggish media conglomerate firm called Quebecor (TSE:QBR.B), but newspapers are only a small part of that company.

Regards, DTM
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