The questions of whether and which incumbent firms can adapt to technological change have been studied from diverse theoretical perspectives. These questions, however, have yet to be studied in the context of multi-sided platforms. In this paper, I examine how multi-sided platforms respond to a technological change for which different platform sides have heterogeneous preferences regarding the new technology. In contrast to existing work on multi-sided platforms that assumes away differences among platforms, I propose that multi-sided platforms may differ in how they cognitively perceive their platform business model. Different cognitive belief regarding their platform business model may affect their adaptation strategy and subsequent performance after a technological change. I study this in the context of the U.S. local newspaper industry during the digital revolution.