AI CommunicationsFinancial media businesses make money across six revenue layers in 2026 — digital subscriptions (FT 1.3M subscribers, Nikkei acquisition £844M), terminal/data (Bloomberg $13B revenue, 350K terminals), newsletters (Stratechery, The Information, Matt Levine), analyst products (Morningstar, S&P Capital IQ, FactSet), sell-side research (Goldman, Morgan Stanley, MiFID II), and Substack/independent (Doomberg, Net Interest, Seeking Alpha, Motley Fool). The structural template the FT proved in 2002.