Dave Winer has a great read: One more time -- open the news industry!
The manufacturing process for news has radically shifted. The question is, as with the economy, whether we can transition the existing process to become the new one (imho preferable) or does the old system have to collapse before the new one can rise to take its place.
The news industry isn't unique in this regard. I can think of many information creation and distribution entities of the past that are ripe for radical transformation. The question-- must they totally collapse, or can something of value from the old be salvaged?
My money is on collapse.