If the story of journalism’s 21st-century decline were purely a tale of technological disruption—of print dinosaurs failing to adapt to the internet—that would be painful enough for those of us who believe in the importance of a robust free press. The truth hurts even more. Big Tech platforms didn’t just out-compete media organizations for the bulk of the advertising-revenue pie. They also cheated them out of much of what was left over, and got away with it. As someone who has written quite a

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