We spent a lot of time talking about that balance. The thing to remember is that these conversations are happening in the context of an industry that's in structural decline. You have ever lower print revenues, and Facebook and Google taking 80%+ of the spend that's moving to digital. And then you have a sales culture incentivised on short-term outcomes. In that environment it becomes really hard to turn down a buck.

My two cents right now would be that consumer revenues (people paying you directly) is probably the only way to run a profitable generalist news company. That, or have the backing of a nation state (BBC) or philanthropic institution. If you want to run a business from ads on the internet, you need a great case for why you're a better option than Facebook, and most news companies just can't make that case.