It seems if you can get the model right, there is a revenue growth opportunity in content even in these tumultuous times.

Leave it to Google (well, we did) to figure out how to make $100 million in advertising revenue from pages with no ads — or content of its own.

I still find it hard to see how an argument could be made that Google is somehow siphoning away the audience (and ad revenues) of online newspapers. For those that I am aware of, Google is the No. 1 referring domain. And Google News is a highly effective tool for users.