I've always felt that publishers all over North America have been chomping at the bit to move in the same direction but didn't want to be the guinea pigs in the bold experiment. They are all waiting for someone to make the first move so they can watch from a distance to see if it works.
Roughly 50% of the cost of running a newspaper goes to newsprint paper, ink, printing contracts, circulation, home delivery, recycling programs and all things related to producing a disposable daily product on paper every day.
If you eliminate all of that overhead, and sadly a large number of production staff, and still employ reporters, photographers, videographers, some editors and designers you wouldn't need nearly the same advertising revenue stream to produce an excellent digital news product.