Before radio and television news were well established, newspapers were the main way for people to consume information on current events. They still continue to be used today. In fact, the oldest paper still in circulation has been going since 1703. This appears to suggest that the format will last forever.
On the other hand, newspapers have struggled to survive in recent years. Printing is expensive and many publications rely on the use of advertisements. The popular tabloids in Britain can only continue to operate because they are sponsored by millionaires.
The internet might seem like a better option for a news organisation. Digital space tends to cost less than the fees for circulating a paper nationwide. However, digital journalism is also oversaturated. A start-up will be very unlikely to gain any attention online. Meanwhile, there are only a handful of papers around. Creating a new one could generate some serious interest.
There is some debate as to why newspapers continue to be bought by the public in large numbers. The answer might be that people still like to physically hold the things that they are reading. It creates more of an attachment than with a digital article.