I've often referred to the newspaper industry as the book publishing's canary in a coal mine. Robert Scoble's latest Fast Company column focuses on the newspaper industry and what he believes it should do to survive.
His key message is to learn from the tech industry and to "start iterating -- fast." I'm a big believer in making a lot of small bets rather than going "all in" on one. This approach allows you to see what works, reinvest in the winners and let the others die if necessary. As Salon's Scott Rosenberg is quoted in the article, "the most important thing to do right now is launch as many possible experiments in as many possible directions." I'd add to that by suggesting you also keep a close eye on the experiments your competitors are launching; there's much to be learned from their efforts as well.