I don't mind one bit being a 'strategic acquisition' that gets bought out by a sugar daddy that can't innovate adequately themselves on digital platforms so has to buy in someone else's, if by so doing I turn every dollar into 10 on the way through and retire to a tropical paradise thereafter.
The point being that in this phase of the evolution of new media, it's actually not operating profit that is always king, it's - for example - carving out a high growth niche, building a great subscription model, achieving rapid, high growth eyeball accretion, making a digital delivery system that can remake an old print business etc. Unlocking new types of value for someone else, essentially.