From the Times:
Newspapers report on the banks; they should not be owned by them. Newspapers should be independent. ...
If there ever was a way to kill the American people's appetite for newspapers, it is this. Make the paper nonlocal. Make it the same everywhere. Treat it as a "property," like a telephone-company bond or a share of stock. Don't sweat the long run because in the long run, as the economist said, we are all dead.
That is not the way to save newspapers.
Newspapers need to be in the hands of people who care about them. Those are almost always investors with a strong local connection. The San Jose Mercury News ought to be owned by people from San Jose — not by a company in Denver owned by another company in Denver owned by a bank in Charlotte, N.C.