If you’re concerned by the impact of an out-of-town media company swallowing up two of the Bay Area’s leading newspapers, you probably have an Old Media way of looking at things, says Chronicle staff writer Joe Garofoli in a news story Saturday. “The challenge for old-line newspapers may have less to do with their rivalries with each other than with competition from Internet sources,” Garofoli writes. The story continues the theme that began April 27, the day after the sale, when the Chronicle, in a front page graphic, explained that the sale “could be an acknowledgement that a newspaper’s fundamental competition is not other newspapers, but instead other media.” The story points out that when it comes to local news, newspapers are cutting back coverage and people are relying on web sites and word-of-mouth from friends and neighbors.