Wall Street Journal reporters Keach Hagey, Lukas I. Alpert and Yaryna Serkez weigh in today with a comprehensive overview of the crisis threatening local newspapers — a crisis that contrasts with the relative good health of the three national papers, The New York Times, The Washington Post and the Journal.

It’s well worth reading, even if there’s nothing especially new. Two quick observations:

1. Although the story pays lip service to the harmful effects of chain ownership, it doesn’t quite get at the fundamental problems: the debt amassed to build the chain, the lack of investment in technology, and the drain created by having to export a good chunk of revenues to some distant corporate headquarters.

2. The Journal also calls The Boston Globe a “notable outlier” among regional papers for its relative success in building digital subscriptions and maintaining a decent-size newsroom. The obvious if unmade argument is that other papers could do the same with committed local owners.

Globe owner John Henry is not perfect, but MediaNews Group (the new name for Digital First Media), Gannett or GateHouse would likely have cut the newsroom of roughly 220 people by another 100 or so.

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