Readers as Owners?

By Chris Daly

A few months ago, I posted a comment here suggesting that the solution to the problem of ownership of America's flagship newspapers like the NYTimes and the Wall Street Journal might lie in their reader bases.

The idea prompted several comments, and it has shown up elsewhere. Now comes a thoughtful essay by Jon Garfunkel on the untapped power of the audience.

Is there a new business model out there?