It may have made it much worse, but look around, it's the highly centralized news giants that are hemorrhaging money, desperately rebranding, and yet still going down fast. Dinosaur media is a rather apt description. Oooo, there was an unintended pun in that last sentence!
I was about to say the same thing. In a way, the free market is speaking. Its saying to let all these billion dollar media entities crash and burn. They've become ineffective, and the people don't want them anymore. But, chances are we'll see some sort of propup by the government.