Media continues to get disintermediated - it's not just newspapers that are losing eyeballs. Have a look at the stats here - with a couple of examples:
There's a lot more there - read it all. While TV viewership is rising, ad revenues are off - the proliferation of channels is driving the model from mass viewing of identical content towards something more like Google's AdSense (where revenues are way up, coincidentally). What we are seeing is a move toward mass customization across the media landscape - and a lot of the current players aren't going to survive that move.