I don't understand how this is being spun as a failure. It sounds like a success based on the bottom line:
"Depending on the actual CPM, financially they are doing at least two to four times better than they were before. And that is with only about 1.5 percent of their former readers becoming paying subscribers."
"Depending on the actual CPM, financially they are doing at least two to four times better than they were before. And that is with only about 1.5 percent of their former readers becoming paying subscribers."
Sounds pretty good to me.