This old guy really means business. He straight away said that ads was what really mattered in newspapers. People wanted to know the latest offers at supermarkets, latest job vacancies, stock prices, houses for sale, rent and so on. The journalistic side is just coming along.
Newspaper was powerful because they are the most dominant and cheapest medium to get all those commercial information. Now Internet and smartphone breaks up that monopoly to millions of websites and apps.
Google & Facebook on the other hand connects all those websites and apps. No wonder they now capture all the ad money.