Print media news is dead, and talking about The NY Times circulation vs Washington Post seems like a useless exercise. Print advertising is dying. Consumer confidence in the print media is shaky at best. Conservatives went after mainstream media, then liberals. Most people on the left I know blame the general legacy media's collusion with Democratic political elites to hide Joe Biden's obviously declining medical condition as the primary reason we all have three more years of Trump (a view I concur with).
The digital takeover for the past decade accounts for much of where people read their newspapers now typically on a paid subscription basis, and the legacy outlets still face a pattern of distrust in the accuracy of information and still are losing readers. There is a perceived lack of value for traditional media compared to "free" social media. Options of choosing when and how to consume news abound, with users more likely to read blogs, social newsfeeds, or aggregate news sites than newspapers or newspaper blogs. There is specialization: tech blogs. food blogs, music blogs, film blogs, political blogs and yes, even sports blogs (and even then, golf blogs, tennis blogs, water polo blogs, and you get the picture). Who really needs the a legacy newspaper, even in a digital format? So much to read that is fast, free, and unfiltered. Online is clean and convenient, immediate and with no paper to throw away, etc. There is some irony when I surf my news aggregator that there is some journalistic work that originated in a newspaper, but that doesn't really save any newspaper jobs or enhance shareholder value does it? Basically the self righteous at the Post wanted a savior to subsidize their failing newspaper and when the savior decided to get an editor in to remove the red ink, they are now horrified. The NYT at least still makes money though it too had layoffs, and it is a questionable investment (low profits to revenue ratios), and needs to shutter its contracting print operations that are cratering cash. It just seems to be a slow, painful death for legacy print companies.