We’ve been hearing a lot of rumors about impending major changes at Detroit’s newspapers for months, from seasoned veterans and from industry insiders, and have seen what appear to be leaked versions of future online editions and subscriber sites.

The shoe finally dropped this morning — and it’s a big one.

 Speaking at the Detroit Athletic Club this morning, Detroit Media Partnership CEO and Free Press publisher Dave Hunke announced dramatic changes to the business model for the the Detroit Free Press and the Detroit News. The Freep and DetNews will relaunch in spring of 2009 as print papers home delivered on Thursday, Friday and Sunday only, with delivery online each day to digital subscribers, claiming they are the first newspaper in U.S. to take this step to reduce delivery.

The basic subscription priced at $12 per month will include delivery each morning to subscribers’ computers.

The Freep is moving to “rapidly expand all channels,” possibly migrating to a broadcast model, optimizing opportunities it has in video distribution online.

Saying, “We’re in the news business,” Hunke elaborated on a what the paper felt was a necessary change in its business model, choosing to invest in generating news coverage rather than investing in paper-and-ink distribution.

A considerable portion of the estimated 9 percent cuts in staffing will be negotiated with unions; the target date for the transition is the end of March 2009.

Management of the Freep and DetNews believe that these changes are compliant with the Newspaper Preservation Act of 1970 and the subsequent joint operating agreement under which the Freep and DetNews share printing and publication resources, claiming the operational decisions related to content production within each of the papers are independent of the JOA. The Freep is owned by Media News Group, and the DetNews is owned by Gannett (NYSE:GCI); Gannett announced sweeping cuts at many of its other newspapers just last week.

We’ll be watching this situation more carefully as it matures. Welcome to the brave new world of the intertoobz, Freep and DetNews.