Other newspapers are sure to follow because the costs of printing daily editions can no longer be sustained. Newsweek, which Barry Diller's IAC/InterActiveCorp (IACI) took control of this year, is in a similar situation.

The 80-year-old publication generated $141 million in advertising revenue in 2011, down more than 68% from $445 million in 2003, according to data from the Association of Magazine Media. Diller, who is a billionaire, clearly can afford to fund the publication as it tries to regain its financial footing as a digital business. His patience, though, isn't endless.

Time magazine, owned by Time Warner (TWX), slumped 30.4% to $419 million during that same time. Sports Illustrated was down 9% to $576 million, and Entertainment Weekly has plunged more than 15% to $197 million. Both publications are also owned by Time Warner. Time, the largest magazine publisher, has long been a drag on the world's largest media company. Operating income plunged 43% to $97 million in the last quarter as advertising and subscription revenues slumped by double digits. 

Time Warner has been under pressure from shareholders to jettison Time Inc. as it did Time Warner Music a few years ago. It wouldn't surprise me if CEO Jeffrey Bewkes was considering converting some, if not all, of Time's publications to all-digital formats in the not-too-distant future. Time has reportedly hired McKinsey & Co. to "identify new ways to mine revenue from consumers," according to Ad Week. A company spokeswoman couldn't be reached.
 
I often wonder whether my son, who just turned 6, will laugh at the idea that words were ever printed on paper when he's older.

Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter@jdberr.