Rather than rewrite the good summary to which Roch already links, I'd be interested in hearing how people think this stuff applies to local papers, ours in particular.
Roch pulls one relevant snippet. Here's another one:
Newspapers are Portals, and Portals are Played-Out
Richard doesn't believe the vertical model of a newspaper makes sense going forward. He compares the metropolitan newspapers' all-things to all-people product to content portals for specific communities. This strategy doesn't make sense given the possibilities. Yahoo!'s initial success was as a portal. But portals have disappeared online as consumers have learned to navigate the web on their own and found the niche sites they love.