Of all the content that's been affected by the Internet, news has been the hardest hit, the fastest hit and the first hit. Consolidation is just inevitable here.

Advertisers could care less about the media as long as it works. They have a budget and they want to reach people. But these are seismic changes in terms of traditional media being able to maintain their growth rates. Most of the traditional media are public companies under tremendous pressure to increase growth year after year.

Companies with ad budgets of less than $1 million are shifting more of these budgets to high ROI online ad options. En masse, these smaller companies are denting the bottom lines of television and radio stations, as well as print media.

McClatchy is a dolphin swallowing a small whale.

It's a mistake to equate the relative trivial size of the settlement to any indication of what click fraud actually is.