Newspaper companies know how to sell subscriptions and ads, but they don't necessarily think about selling their own merchandise. Go online to The Post and Courier store in Charleston, S.C., and you'll find all sorts of items that make money.

In May, New York Times executive editor Dean Baquet spoke before the INMA World Congress of News Media audience and shared his dismal prediction concerning the future of journalism-that most local newspapers were going to die in the next five years.

"The greatest crisis in American journalism is the death of local news," he said. "Their economic model is gone."

It's true that the traditional economic model may be gone, but many local and national newspapers are using their ambition and creativity to explore new and exciting business models with hopes that it will create sustainable revenue for many years to come.

E&P spoke with several of these newsrooms to discuss their clever ideas.

Read more from Editor & Publisher.

The Post and Courier of Charleston, S.C., has announced that Scott Embry and Chris Zoeller have been named to new management positions at the newspaper.

The Post and Courier of Charleston, S.C., is getting into the horse racing business, acquiring the ownership rights to Steeplechase of Charleston.

P.J. Browning, publisher of The Post and Courier, said at a Thursday announcement at The Dewberry that acquiring the event helps the media company to diversify its portfolio and invest in its community.

"It makes good business sense for all of us here to pay attention to the ways in which Charleston residents and visitors alike embrace our unique events," Browning said. "Thousands of people attend festivals around town each year, and there's every reason that this can and should happen with Steeplechase."