David Warsh has been an astute observer/explainer of the news business for decades. I've learned a great deal from reading his columns (for instance, the concept of "explanation space" is his).
So this is well worth pondering:
He may well be right.
The Future of Reliable News
The biggest and best newspapers have survived and begun to prosper again, albeit in a low-key way, precisely because advertisers pay much more to reach readers of print than for fleeting digital impressions before online readers. I don’t see proprietary numbers, and newspapers shape and guard fairly carefully what information they release. But there is more reason than ever to think that healthy print circulation is the basis of a strong digital business.