Financial health of newspapers

Based on the Picard reading, what are some indicators of the financial health of newspapers?

• Reinvestment. Picard states that the "largest portions of reinvestment come in the form of capital expenditures," including investing in assets such as buildings. The New York Times completed their Manhattan skyscraper in 2007, but now finds itself in a position where it is borrowing on the building to keep the company afloat. So, while the new building may have been an important step in helping the company continue to grow, it is now enabling them to accumulate more debt, the risk of which has been debated in numerous places.
• Employee turnover. When considering the all-to-common layoffs and buyouts that have swept across the newspaper industry, it's worth considering whether these cost-cutting techniques are hindering rather than helping the overall health of newspapers. While Picard speaks of actual turnover, i.e. actual replacement of personnel rather than elimination, the points he makes about the impact of turnover, including less experienced employees reducing production and psychological disruption that are symptomatic of layoffs as well.
• Personnel Skills and Knowledge. While many newspapers are doing a good job in retraining employees to keep up with evolving technologies, the demands of print are disruptive. At the end of the day, as long as the print edition still needs to get out the door, social media and online deadlines will be considered secondary to those demands. in other words, in order to fully devote energy to new technology, the old needs to go.