If you were inventing The AP today, what would it look like?

For the last six months or so, there have been reports (Ohio) /  (Maine) of some U.S. dailies developing ad hoc relationships to share news within states. This has been the realm of The Associated Press for almost a century and a half. But Internet technology has made it possible for newspapers to share news more quickly and at little or no cost. If you were inventing The AP today, what would the relationships look like? How might the architecture envisioned by The Information Valet Project help?