It is simply not true.
The Wall Street Journal is prospering. Most importantly the two Philip Anschutz papers in Washington D.C. and San Francisco, the Examiners, seem to be doing well. The Examiner is wholly owned so there is no data on profits. Today (an Examiner article by Will Reisman which is not yet online) reports that the S.F. Examiner is expanding to new offices and expanding staff by 25%. The Examiner is also placing ads for reporters and writers.
That suggests that the Examiner model of a newspaper is working: tabloid size, superb local news and investigative journalism that is not Marxist oriented, the comfortable use of numbers, charts and tables (the kind that modern business people like) and the paper is paid for with advertising especially in local suburban editions.