A pair of analysis pieces raise some fundamental questions about the online media business. Henry Blodget does some back of the envelope calculations and concludes that AOL’s media business is losing a lot of money. The Wall Street Journal says the CEO of the New York Times Co. stepped down unexpectedly because of the company’s digital strategy – possibly less because of paywalls and more due to About’s lack of growth and an overall “defend print at all costs” approach. Mathew Ingram’s written a lot about that, and it’s pretty clear we’re in a digital-first environment. If AOL’s losing money, it’s not alone – Microsoft’s online media and search efforts have never been consistently profitable. Online advertising, even at scale, is a brutal, unforgiving game. Hey, for all its issues, at least Yahoo makes money.