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I don't see how doing so is any more unethical than what Google is doing.
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That's not the question. But Google can afford a division of lawyers. Gannett, I think, can't. So it would be suicidal to actually give this idea a try.
If you really want to start a business, offer your service to publishers whose product line you like. Or who already at least released some of the old stuff you'd like to read. If they are interested
then ask them if it would be okay to use one of their titles for a sample.
Use this first customer as a reference for other publishers you'd like to address. Build up a reputation, make contacts. Maybe someone knows someone who still holds the rights to some of your faves.
Then address this one.
Or try to get these publishers/customers interested in some of the old titles. Let them do the prints, you do the eBook.
But scanning and formatting work without consent of the rights holders definitely won't do you good.