He alludes to the relationship between readers and newspapers half a dozen times in a thousand-word memo; in that same space, he never once uses the words ‘advertising’ or ‘advertisers’. Reading the letter, you’d never know that papers make most of their money from companies, not citizens, and have done for the better part of two centuries. It is disruptive competition for ad dollars, not changing reader engagement, that has sent the industry into a tailspin. - danblank