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CAPITAL & MAIN-The last two decades have seen the downsizing or demise of countless American print media outlets, leaving many of us resigned at reports of the latest corporate consolidation or private equity takeover of a beloved publication.   Though I unhappily count myself among the jaded, one precursor to the 21st century erosion of the Fourth Estate still carries a particular sting   and important lessons for our time.   In June 1996, Michael Lacey and Jim Larkin swaggered into a small newsroom in West Los Angeles where a group of journalists had gathered for what they expected to be a living wake for their paper. Starting in Arizona in the 1970s, the two men had built the largest chain of alternative weeklies in the U.S. through a series of aggressive acquisitions. Though the founders of New Times tried halfheartedly to put lipstick on a pig with reassurances about their intentions, the staff’s worst fears were soon confirmed.   

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