Fishman's piece is articulated well, but is it possible that newspapers have screwed themselves over too much because it's just too late to say to online readers, "Hey, I know we've been handing our product to you for free for a decade, but now it's time to start paying up"?
I mean, when/if that happens, online-only readers with the mindset "Why would I pay for paper when it's free online?" are going to go elsewhere for their news instead of paying up. And print subscribers probably enjoy a hard copy paper in their hands, which is probably why they still subscribe, so unless you cut out paper altogether (presumably to save money) and hope print readers crossover to the web, nothing changes. If anything, it could easily get worse, no?
Seems like a gamble, but maybe it's worth taking because the ship is sinking swiftly at this point.