Yes and no. Newspapers could be read the next day, after the original purchaser was done with it. And it was easy for a restaurant or business to share newspapers among many clients. Plus of course radio still provided free news that was quality.
The big problem now is that the best news sources are the most locked down. And the worst news sources are the most open. So it is difficult for a quality piece to make the rounds. Even if a link to an article could be shared for free, even if the website was locked down, things would be a lot better.
Finally newspapers charged for the cost of printing but made money off of advertising and classifieds. There is very little cost (per view) to digital publishing. If newspapers had embraced the Web 20 years ago they could have been Facebook or eBay, rather than having all there core revenue fall away.