Here's our theory: Daily deadlines did in the newspaper industry. The pressure of getting to press, the long-practiced art of doom-and-gloom headline writing, the flinchiness of easily spooked editors all made it impossible for ink-stained wretches to look farther into the future than the next edition. Speaking of doom and gloom: Online ad revenues at several major newspaper chains actually dropped last quarter. The surprise there is that they ever managed to rise. The newspaper industry has a devastating history of letting the future of media slip from its grasp. Where to start? Perhaps 1995, when several newspaper chains put $9 million into a consortium called New Century Network. "The granddaddy of fuckups," as one suitably crotchety industry veteran tells us, folded in 1998. Or you can go further back, to '80s adventures in videotext. But each tale ends the same way: A promising start, shuttered amid fear, uncertainty, and doubt.

The news of Adify's $300 million sale was likely the first time most had heard of the online-advertising company. The San Bruno startup was so obscure that Silicon Alley Insider, which first aired the rumor of a sale did not include Adify in its list of the 25 most valuable startups. The price cable-and-newspapers conglomerate Cox paid for the startup would otherwise qualify it for that list. Ad networks, which allow advertisers to buy and publishers to sell ads across multiple websites, have become faddish; and Adify, which allowed anyone to launch a network of their own, caters expertly to that fad.