The dream of becoming a latter-day Citizen Hearst seems emblazoned upon the American entrepreneurial psyche. Over the past half-century, dozens of metropolitan papers have shut down and few have been salvaged. None have been launched successfully since New York's Newsday in 1940. Yet would-be publishers keep emerging; the example of others' failures seems only to add to the imagined glory.
Three things make next week's debut of the St. Louis Sun a little different. First, owner Ralph Ingersoll II, 43, is no self-deluding newcomer but a crafty revamper of smaller papers whose privately held companies have sales that place them among...
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