During the first decade of the 2000s, the newspaper industry in Denmark came under severe pressure from a number of technical and social innovations. Those include the spread and availability of Internet broadband connections, mobile broadband communications, Web 2.0 and social networking. The most significant that has happened to the industry is the move of news consumption from print to online and the increasingly mobile nature of the news delivery channels. Additionally, the industry is also pressed by the increasing competition from the new untraditional types of international competitors - various portals, news aggregators and online classified advertisement sites. In this chapter, we look at how the major Danish newspapers are responding to the challenges posed by the decreasing sales of the printed newspapers and advertising space, growing online advertising and various technological innovations. We approach the theme from the business model perspective and discuss how the move to online and mobile news delivery channels forces the newspapers to revise and adjust their existing business models. Our data sources include industry reports, professional literature, academic research and a dozen of in-depth interviews with executives of the two leading Danish media holdings - JP / Politikens Hus and Berlingske Media.