newspapers can’t be successful online?

Why?  Honestly, why can’t newspapers be successful with online revenue only?  Other companies finance their operations online.  Google is financed entirely (or almost entirely) through ad revenue.  Why can’t the news survive in this form?

Answer: it can.  And it will, but it won’t look or feel quite the same.  Some of the old players and the big players will die off or adapt and many will call for bailouts and proclaim themselves the rightful purveyors of information – nay, the guardians of our civil liberties – as though no other medium could deliver what they do with print.

I don’t buy it – not this theory, or the newspaper for that matter.