If I bought a local paper, I'd do the following things:
1. Start charging for access to the website at about $100 a year (roughly the cost of a print subscription).
2. Drop the daily printed version and switch to a weekly printed version more like a thick magazine than a Sunday newspaper.
3. Mail the weekly version instead of paying for my own distribution network.
4. Film the reporters talking about their stories and put that video on the site for paying subscribers.
5. Start cutting deals with the local network-owned TV stations to provide lots of content for their local news (the networks make a ton of money off of local news).
So, who wants to back me buying Gatehouse? Or who wants to hire me as a consultant?