The foundations of traditional newspaper publishers have been undermined, which raises the question why they are still surviving amidst an unfolding digital era. This is explored in a longitudinal (1990–2014) analysis of the Flemish market. Competitive pressure and changes in the newspaper market are related to publisher’s strategic responses (cost leadership, differentiation, and focus) and their financing. The findings reveal a market that shifted from the mature stage of its product life cycle to the decline stage since 2008 and structural shifts in publishers’ business operations. Realisation of cost-efficiencies, for example, through expansion, is the key mechanism behind keeping up net operating profits and indicates resilience in a changing environment. The findings aid discussions about traditional publishers’ future strategies.
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