A few years ago, investors wouldn’t touch content sites. But times have changed and now publishers like Vox and Buzzfeed are raising big money at valuations that suggest investors see them as much more valuable than many media stalwarts. My guess is that content wasn’t as worthless as we thought five years ago. And it’s not as valuable as we think it is right now.

+ Capital New York: “The number of full-time U.S. daily newspaper journalists has plunged to 36,700, according to the American Society of News Editors, down from around 55,000 before the 2008 economic downturn.”