Here is a great post on what is happening in journalism today. It is by SJSU Journalism faculty member Cynthia McCune and is not good news for mainstream media:
The bad news for the newspaper industry just keeps coming...
Changing from one paradigm to another is almost always seen as “bad news” by those invested in the old paradigm. It is the classic case of disruptive technologies that present new lower cost and/or more convenient solutions to problems.
The problem is, old solution businesses are often unable to compete because of their heavy investment in resources and values directed to the old solution. Their business model was shaped to answer a question, a question now starting to be answered differently.
Economic adversity just accelerates, by introducing resource scarcity, a process already underway.