As sad as it is, industrial media killed itself. It is NOT the Internet or technology for that matter that killed publishers it is the change of their business model from independent content circulation to advertising distribution.
A publisher used to make money by providing a given audience latest news, well researched and easy to consume. Readers paid for the news and publishers made a profit by balancing cost of news gathering and distribution with newspaper revenue. Rather simple model.
I explaind the shift in process here a few weeks ago: