I think part of what killed the print news industry wasn’t necessarily entirely the shift in consumer preference to consume content online and the death of the classifieds (although that’s certainly a huge amount of it), it was also due to many publications’ lack of resources to pivot into more innovative business models that still involve print.
Their death spiral was to basically do the same thing as always but with a lower budget and a janky website, which just made for a bad product, further feeding the death spiral.