Blogs and online news sites are so prevalent now that I'm sure newspaper subscriptions have become nearly extinct. My own frugal blog, the one you are reading now is part of this change in media. I still remember when I used to have newspaper and magazine subscriptions, I did so because they were convenient and portable. Today, print newspapers are no longer "News". I do still see a need for newspapers though, its where I get some of my blog ideas. It also helps give me an overview of news topics at a glance. For some reason, I find using RSS feeds helpful but not as much as flipping through a physical paper. Of course there are drawbacks to paper, too much garbage and not very environmentally friendly.
I don't have a subscription anymore, and I'm saving a bit of change because of it. I do pick up a free daily paper, such as AM New York or Metro, which are two free daily papers that are out 5 days a week. Magazines are a different story. They tend to be more specialized in topic. I have not found anything that gives me the feel of magazines on the web, yet. Though I don't subscribe anymore, I still read magazines from Libraries.
Do you still read newspapers and magazines? If so, why? Do you find the web easier to digest or print news? By the way, a copy of the New York Times from the election results was fetching $100 yesterday, can't say that for a web page can you?