https://www.newyorker.com/magazine/2019/01/28/does-journalis...
And accompanying interview with Jill Abramson.
https://www.newyorker.com/news/the-new-yorker-interview/how-...
But, basically... yes, what you said. And newspapers mostly lack any credible business plan ideas that don't rely on this.
There is currently no real demonstrated business model to sustainably pay for good journalism. Some are hoping they can at least fund good journalism with clickbait and sponsored content... ugh.
I think most of those who work at the NYT would like Trump not to be president, and most of those who work at Fox News would like him to be president.
_Covering_ Trump is good for business for both of them though. And if Trump is out, there will be some other topics that are either way too.
But right now it's good for those sweet clicks. They have an audience who loves to get worked up about Trump, just as there's an audience that loves to get worked up about the kind of people who get worked up about Trump. They have their own content, too.