Felix Salmon:

And there’s another inconvenient fact for would-be acquirers of the FT: journalism doesn’t have economies of scale. The bigger that journalistic organizations become, the less efficient they get: salaries rise, new layers of editors and managers appear, and per-person budgets grow all everywhere, for everything from IT to travel expenses. Journalism is a world of diminishing returns: size matters, but it’s also very expensive.

One of the biggest single problem traditional publishers face in the digital transition…