Publishing can work without those things. What's not clear is that journalism can. It is expensive to groom primary sources and investigate stories. I'm quite happy that at least a few organisations seem to have figured out a model by which they can fund such things. Otherwise it would be very difficult for me to know anything true about the world outside my immediate friends and family.

Print journalism worked fine when it was local owned, up to 3 papers.

TV journalism worked fine when it was local owned, 30 mins on up to 3 channels.

My comment is present tense. I'm talking about what can work now, not what worked in the past.