Liquidation or reinvention?

"… cutting back on the content and the quality of the product by laying off staff, shutting down expensive features like investigative reporting … has the short-term effect of improving profit margins for the publisher (but) over the longer term this would amount to liquidating the main asset of a newspaper: namely, the goodwill associated with the brand. … (This) goodwill makes up about 80 percent of a newspaper???s overall value …"

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