"The Times lost five hundred and forty-three million dollars in 2006. A couple of years later, the company borrowed some two hundred and twenty-five million dollars against its recently completed Times Square building. Only after launching a paywall, in 2011, did it find a path back to prosperity. But papers serving smaller markets never rebounded: between 2005 and 2024, roughly three thousand newspapers in the U.S. have closed."

https://www.newyorker.com/news/the-weekend-essay/is-the-media-prepared-for-an-extinction-level-event