I have a sense that this might not be the case with a guy like Brian Tierney, who is at least partly motivated by hometown pride. Business journalists have consistently described him as smart and funny, a persuasive talker and a creative entrepreneur. Based on two lengthy conversations with him, I can see why. His top editor, Bill Marimow, says Tierney is keeping his noninterference pledge so far. Tierney’s budget cuts—$35 million initially, with another $23 million planned for 2008—indirectly imposed some journalistic decisions, like using wire services for foreign news, but such moves are routine these days for any publisher outside of Washington or New York. To my eye, Tierney seems too busy furrowing his brow over ad sales to make sure that Main Line socialites get flattering obituaries.

In general, I believe that some of the folks who are willing to buy distressed newspaper properties are being demonized too hastily by their newsrooms. Journalists need to remember that before push can come to shove on high ethical issues, the newspaper has to survive as a business. New publisher Tierney and veteran publisher Donald Graham, of the Washington Post, have the same problem. They have to find more revenue at a time when little, if any, elasticity is left in the old business model, even though newspaper profit margins still average a deceptively healthy-­looking 17 percent. But those margins have been maintained by one-off fixes like radical slashes in payroll, trimming news holes and circulation, and a self-defeating stinginess in regard to innovation.

At some point, addition has to replace subtraction at newspaper websites. “Attaining scale” and “monetizing the internet” have been industry buzzwords for years, and so far no one has done it to Wall Street’s satisfaction. Now private equity buyers are getting their chance. At first, the revenue “is going to be in small bites,” Tierney says. “But Philly.com already has 3 million unique visits per month and 40 million pageviews per month, so let’s step on the gas there.”

There may be gaps in Tierney’s plan, especially as recession sets in, but at least he has a plan. If you’ve got a better one, now would be a good time to hire yourself out as a consultant or, better still, get the gang together and buy your local newspaper.