That's debatable. It's worth remembering that before the Internet, many traditional forms of media had multiple income streams, of which advertising was only one. Would it have been possible to produce TV and radio content based on a subscription-only model? Seemed to have worked out fine for the BBC. Newspapers and magazines would have taken a hit, but if revenue was based on sales alone then it's certainly possible some of those institutions could have survived on this.
In other words, it's not a case of working with zero money it's a case of working with less money.
Subscriptions can work, but usually that's only for small quantities of high-value content, aimed at specialist audiences.
Go to your local stationer and find out how much it would cost for 200-300 sheets of high quality paper, then ask a printer about the cost of printing content on them.
If you're going to reply, at least consider the context in which the comments were made. The original point I was responding to was that subscription models only work in state supported media outlets. My assertion was that Sky proves that subscription models are possible outside those restraints.
Furthermore, even if there was a case where a company was not supported by the law, subscription models can still exist. There are examples online of subscription services for illegal content. One could argue that Usenet subscriptions in the broadband era fall into this category, the chances that people are currently paying a monthly fee to access the discussions is somewhat slim.
When commercial content providers (newspapers, magazines, radio and TV etc) moved on to the web, they naturally brought their ad-funded business model along with them.