In B-school, we learned about the concept of Creative Destruction. Essentially, Creative Destruction means there will be the creation of something that destroys something else. In the case of newspapers, the destroyer is the internet. If you own stock in any newspaper company, sell it immediately. They are rapidly going the way of the buggy whip manufacturers. Will a few survive in some form? Yes. Will the survivors be good investments? Probably not.
Survivors: Wall Street Journal, NY Times, NY Post, and some local papers (probably in weekly form)
Closures: Just about everyone else.