Sarah Ellison reported on the newspaper industry’s twice-yearly report from the Audit Bureau of Circulations in yesterday’s WSJ. Here are some selected numbers:

The average daily circulation of the more than 700 newspapers that reported results to the Audit Bureau of Circulations fell 2.5% in the six months ended March 31.

Weekday circulation at The Wall Street Journal fell 1% … at the San Francisco Chronicle circulation declined 15.6% … The Los Angeles Times saw average weekday circulation fall 5.4% … circulation at the Washington Post dropped 3.7% … The Philadelphia Inquirer reported a 5% decline … the Daily News said circulation dropped 9.4%.

Here’s Wally Weitz’s explanation for why he likes “old media:” [emphasis is mine]

“Even though television, radio and newspapers have lost some of their audience and face stiff competition from the Internet and other alternative advertising vehicles, they can still generate huge amounts of cash for their owners. Most of this cash is not needed in the business and management may make acquisitions or return the cash to shareholders through dividends or stock repurchases. Since these media businesses are generally growing slowly, if at all, it is critical that we invest with managers who understand and accept the new reality and whom we trust to allocate the free cash flow wisely.”

Understanding and accepting the new reality is the rub.

Related: I Can’t Remember the Last Time I Read a Newspaper