A new report takes on the question of the winners and losers in media economics during the dawn of the digital age.

The study, ‘The News Landscape in 2014: Transformed or Diminished? Formulating a Game Plan for Survival in the Digital Age,’ is co-authored by Penelope Muse Abernathy, UNC School of Journalism and Mass Communication Knight Chair in Digital Media Economics and Journalism, and Richard Foster, Senior Faculty Fellow with Yale University’s School of Management.

Just one chart from the work, below, calculates total shareholder return, taking into account share price and dividends. Traditional news companies, those falling lowest, are companies like Tribune or The New York Times. Conglomerates would be companies like AOL Time Warner. Niche providers are companies like McGraw Hill.

To sustain itself in the digital age, the report says, companies must 1. Shed legacy costs as quickly as possible; 2. re-create community online in an attempt to regain pricing leverage, and 3. build new online advertising revenue streams to replace the loss of traditional print categories.