A number of UK news journals (The Financial Times, The Economist) have introduced pay-for content in the last couple of years with a relative degree of success.
I've been saying this for a long time. It's not that people won't pay for content. It's that they won't pay for crap content.
I subscribe to the Economist (print version), and have access to the website content as well. The reason I pay to get their magazine is because I see value in their work.
On the other hand, I tried Newsweek. After my initial one-year subscription of $10 (or some silly figure like that), I didn't renew simply because their content is completely worthless to me. What's funny is that I've been getting Newsweek in the mail for the past two years, despite the fact that I never renewed my subscription. They themselves know it's worthless, and all I am to them is another subscriber they can claim so they can sell advertisement.