William Powers, media critic at the National Journal, had a piece in the L.A. Times that's worth taking a look at. This was my takeaway:
If those old [media] outlets continue to offer strong, reliable journalism — a craft that's not as easy as it looks — they will survive. And if they fail, others will rise up to replace them. The new marketplace punishes errors, but it also rewards those who get it right. Increased scrutiny and skepticism will make the media stronger, not weaker.
You can read it all here.