"In certain media segments, inefficient operations are lionized by employees and segments of the broader community as actually essential to the public interest. Leaders of family-owned newspaper dynasties have long been encouraged to ignore reader and advertiser preferences as well as financial discipline in designing the core product in favour of producing what the repertorial classes believed was best for society (and, maybe not coincidentally, themselves). In an industry with insurmountable entry barriers, this approach had its virtues and in any case was sustainable as long as the barriers held. But all barriers eventually fall, and when they did in this case, what was exposed was a management infrastructure understandably with little sense of its customers' desires or how the business makes money. The values promoted by the professional journalism industry essentially left these businesses unarmed when facing the new more competitive battlefield for ideas and dollars. By persuading these families to ignore efficient operations, however honourable their intentions in doing so, these supposed protectors of journalism unambiguously hastened the decline of these great newspaper franchises, many of which now face bankruptcy."
From The Curse of the Mogul by Jonathan A Knee, Bruce C Greenwald and Ava Seave, pp 263-64.