“Newspaper had been running the equivalent of a very nice high-end steakhouse,” she says. Then McDonald’s moved to town and started selling untold numbers of cheap hamburgers. Newspaper thought, “Let’s compete with that,” and dropped the steak for hamburger, even though it had no real expertise in producing hamburgers. “What they should have done is improve the steak product.”
Source: What If the Newspaper Industry Made a Colossal Mistake? – POLITICO Magazine