But the "news agency" also provides value. If you have a bunch of journalists working together (i.e., "a newspaper"), then those journalists are freer to take long term risks (e.g. work on big investigative stories). At better newspapers journalists don't need to churn out junk every day; they don't have to worry about doing all of their own marketing, sales and editing; they get to use their colleagues and their colleagues' networks/resources/sources to improve their stories and their reporting. I think substack ("patreon for good journalism") has a good model, but we shouldn't ignore that it has both advantages and disadvantages compared to most news orgs.