Steve Borsis at The Future of News blog draws parallels between the Kübler-Ross Model for dealing with death and the terminally ill newspaper industry.

The 5 stages in chronological order are:

1. Denial – McClatchy and their purchase of Knight Ridder. Denial is a conscious or unconscious refusal to accept facts, information, reality, etc., relating to the situation concerned. It’s a defence mechanism and perfectly natural. Some people can become locked in this stage when dealing with a traumatic change that can be ignored. Death of course is not particularly easy to avoid or evade indefinitely.
2. Anger – Sam Zell w/ Tribune. Anger can manifest in different ways. People dealing with emotional upset can be angry with themselves, and/or with others, especially those close to them. Knowing this helps keep detached and non-judgemental when experiencing the anger of someone who is very upset.
3. Bargaining – The Detroit Newspapers. Traditionally the bargaining stage for people facing death can involve attempting to bargain with whatever God the person believes in. People facing less serious trauma can bargain or seek to negotiate a compromise. For example “Can we still be friends?..” when facing a break-up. Bargaining rarely provides a sustainable solution, especially if it’s a matter of life or death.
4. Depression – Tony Ridder. The Bancrofts. Also referred to as preparatory grieving. In a way it’s the dress rehearsal or the practice run for the ‘aftermath’ although this stage means different things depending on whom it involves. It’s a sort of acceptance with emotional attachment. It’s natural to feel sadness and regret, fear, uncertainty, etc. It shows that the person has at least begun to accept the reality.
5. Acceptance  – Warren Buffet. Also referred to as preparatory grieving. In a way it’s the dress rehearsal or the practice run for the ‘aftermath’ although this stage means different things depending on whom it involves. It’s a sort of acceptance with emotional attachment. It’s natural to feel sadness and regret, fear, uncertainty, etc. It shows that the person has at least begun to accept the reality.

His opinion is that the industry is currently operating in stage 3.  Overall I’d agree however depending on who you talk to, the newspaper busines can be operating in any or all 5 categories.