Quote, unquote: The inevitable downsizing of the legacy business (looking at you, print)

"We spent a lot of time thinking the risk in our business was in digital,” Not true. While journalists are still teetering on the uncertain cusp of understanding, unsure where digital will take us, the true risk lies in the legacy business, where “costs are high, advertisers aren’t coming back, and, especially in print, it’s likely that readership won’t go up."

-- Emily Bell, director of the Columbia University Tow Center for Digital Journalism (and former director of digital content at The Guardian) quoted in an excellent summary by Dana Lacey on J-source of the Samara Massey Lecture last night in Toronto.