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Are there any working business models for journalism?
At least some well-known publishers are profitable.
just started expanding its newsroom after two profitable years.
New York Times
made an $86 million profit in subscriptions alone in the third quarter of 2017.
The emphasis lies on "some": That's not enough on a local, national nor global scale.
Profits of some well-known publishers often only come as a result of an extensive cut in costs that leaves its mark on the editorial staff, challenging independancy and quality standards. (e.g. the on-going
restructuring at the german "Spiegel"
cuts at two of Australias media organizations