Without a bailout, newspapers will lay off staff, fewer journalists will report important stories, there will be no Fourth-Estate check on state and corporate power, and the country will suffer. So goes the pro-democracy case for government and/or altruistic investors to save the newspaper industry with an infusion of cash.

Except, amid the debate about such a bailout, it seems government and investors are already subsidizing the industry with in-kind contributions of damning honesty. ...

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