There's always apocalyptic warnings about the death of mainstream media, it will all be replace by blogs!!!
Not quite but media will adapt. Here's one example....
Former TV and film director, Robert Greenwald, has set up a site that produces short videos about social issues to counter the Fox agenda. He used to make films and TV documentaries but they take months to turn around. These short versions take a few days, if not hours.
Because they're topical and clever they get passed around and recommended, racking up hundreds of thousands of hits on YouTube.
It is old media adapting to the new habits by modifying the product as opposed to broadcasting the same product via new channels. Here is their work.