Yes, but could they muster the necessary cash to do it? The editors certainly have the motivation to try, and so do the employees. If the editors' vision for the paper appeals to the reader, they too have a stake. We're talking several hundred thousand people already. Can each of them afford a €100 share in the cooperative? Is a few multiples of €10M enough to buy the paper?

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman