Ambidexterity theory suggests that the ability to simultaneously explore and exploit is linked to firm performance, but the empirical evidence to date is mixed. In this study, I review existing research on firm performance in the newspaper industry in order to identify the main causal factors in a single industrial context. Three broad categories emerge: media convergence, organizational ambidexterity, and business model innovation. By incorporating variables and arguments from these categories into a basic performance model, I develop a multi-dimensional conceptual framework of explore and exploit value chains. The article concludes with a discussion of how the explore/exploit framework can be operationalized using big data analytics, and recommendations for future research are offered.