Felix Salmon tangles with Michael Hirschorn.

...many smaller newspapers will close their print editions, which have lost the classified-advertising bread-and-butter revenue stream upon which they've historically relied.

But the New York Times is not a small newspaper. It has an enormous display-advertisement inventory, and sells most of it at high rates. It's also incredibly well placed to go national, as smaller papers close, and become a replacement for people who've lost their local paper and who shudder at the prospect of ever reading USA Today.

James Surowiecki piles on.

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