The document discusses the challenges facing newspapers in transitioning to digital. It notes that while print still accounts for most revenue, print advertising and circulation are declining. The number of people accessing newspaper content online and on mobile devices is rising significantly. However, digital advertising CPMs are much lower than print, and most newspapers have relatively few digital-only subscribers compared to print. As a result, relying solely on digital advertising revenue remains a challenge due to lower prices and the lack of scalability for local news audiences online.