Newspapers are bracing for more bad news

Deep job cuts, outsourcing, more asset sales coming as industry retrenches

Some say complacency in the industry about the threat the Internet posed is to blame for the current quagmire.

Speaking on the CNBC business news cable channel Friday, Sam Zell, the real estate magnate who is now Tribune’s CEO, said newspapers have historically been “monopolies” in their local markets and “insulated from reality,” according to a transcript of his remarks provided by CNBC