Print media is in a crisis; it is losing its share of advertising-its main source of income-to digital media. Our aim is to determine how augmented reality (AR) and other hybrid media solutions change print media's value chain and what kind of opportunities they offer. We studied both human and technical aspects and critical challenges. We interviewed 20 actors of Finnish advertising and media business, who are very enthusiastic toward AR-enriched interactive hybrid media. User behavior measurability was found to be important. We present a sketch of the hybrid media value chain with the actors. We also describe and discuss selected AR applications. AR technology is mature enough for the mass market; the technical performance of smartphones is high enough for AR applications, and the penetration of smartphones is increasing rapidly. Our main conclusion is that hybrid media is essential to the future of print media.