The &#x27;business model&#x27; of big media like the New York Times is to be grandfathered by a bunch of people who are happy to spend a lot of money for the chance to form and color people&#x27;s opinions. That is infinitely more valuable than the chump change they can make from advertising and circulation, which, as is apparent, barely covers operational expenses. You can see this story play out for all big &#x27;serious&#x27; newspapers all over the world.