More like a death by a thousand cuts.

In the beginning it was eBay and Craigslist siphoning out the classified ads. Then it was AOL, Yahoo, ICQ and YouTube taking away the attention and eyeballs (before the smartphones era). Then came smartphones and social media.

This is it. It's a medium and organizational structure that aged out. Even before social media and Google, people were getting more of their news via 24hr news channels, then came the internet and the citizen journalists, then came social media and now the attention industry. The market was getting smaller and smaller but was accelerated by new technologies and habits.

Same with magazines. There are some niche magazines that still do alright and also what were niche broadsheet publications became online subscriptions where they offered the subscriber an ROI of some kind.