"More people want our products today than wanted them yesterday; this is hardly the profile of a dying industry," writes McClatchy CEO Gary Pruitt in the online edition of the Wall Street Journal (via MediaBuyerPlanner). McClatchy points out that 54 percent of adults read newspapers; nearly 60 percent do so on Sundays.

He acknowledges that subscriptions and ad revenues are dropping - but he adds that in each of the communities in which newspapers compete, most papers have the largest news staff, the largest sales force, the biggest audience, and the greatest share of advertising in its market. "Whether it's on the internet or off the presses, we are capturing that business," he writes.

Add the unduplicated reach of newspaper websites - and, far from shrinking, audiences are growing steadily. Predictions of the demise of newspapers have circulated for as long as newspapers have existed (just over 400 years). "Speaking as someone whose company is writing a $6.5 billion check to triple its newspaper holdings, I beg to differ."

Knight Ridder on Monday accepted McClatchy's offer to acquire the company for $4.5 billion. McClatchy is also taking on $2 billion in debt.