Time magazine's online edition had a story yesterday listing "The 10 Major Newspapers That Will Either Fold or Go Digital Next."

The intro contains this sentence: "The Rocky Mountain News closed, and the Seattle Post-Intelligencer, owned by Hearst, will almost certainly close or only publish online."

Why the P-I doesn't make the top 10 list is not explained. Of course, the kicker is that later the same day word came that the P-I will likely publish its last newspaper tomorrow. More proof that the dinosaur media doesn't get the new world of the Internet -- the story hasn't been updated.

As for the Top 10 list, it appears in large part to be a testament to bad management. The companies borrowed (to expand and other questionable moves) all the while counting on historic 20, 30 and even 40 percent profit margins to continue indefinitely. Newspapers don't live in that world any more.

In related news: The New York Times has sold 21 floors of its new building and will lease them back -- because removing the middle 21 floors from a 52-floor building is an engineering nightmare.