I think the old creaking sentiment of the Time editorial board is to use that headline to say "we can't sell our magazines, every year print media loses more and more money, fine just take journalism altogether and enjoy your chaos (sob), you'll all be back begging to us soon enough! (wince, sob)".
Imagine the words on that cover if they were read out loud, resentfully and sarcastically, by say a George Costanza type voice speaking on behalf of Time's editors, and I think that's the real hidden sentiment.
