What of the intangible asset, the brand? It is indeed harder to build in the proliferating world of blogs, tweets, and online competitors than it is for old-line newspapers like the Washington Posts of the world. For them, the infinite choice consumers have may work to the newspaper’s advantage because consumers recognise them as reliable providers. An online outfit, in contrast, may gain prominence with a single, huge scoop (think Drudge Report and Monica Lewinsky), by building credibility in a single subject area (TechCrunch), or by showing the nerve to challenge the shibboleths that other news outlets won’t (The Blaze). No one wants to read another bland version of bbc.com/news.