The Vanishing Newspaper - Saving Journalism in the Information Age (2004, University of Missouri Press), by Philip Meyer, author of
Precision Journalism: A Reporter's Introduction to Social Science Methods. See the AJR
review, which quotes some of the findings from Meyer's statistical analysis of the quality and profitabilty. Sadly, while Meyers finds a positive correlation between quality and business success he notes “there is very little to suggest that quality is the prime cause rather than an incidental effect of profitability.” More encouraging is a quote from former Knight Ridder executive Hal Jurgensmeyer, who posits that what newspapers sell is not information but influence: ”…An influential newspaper will have readers who trust it, and therefore it will be worth more to advertisers.” Or listen to the American Press Institute
webcast featuring Meyer and others.