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Considering even the vaunted and once-great New York Times is having trouble just staying afloat due to online competition, I wouldn't say his newspaper point is partially wrong, it's entirely wrong. The internet has mopped the floor so hard with the newspaper industry it really can't be seen as anything but a complete coup.

Also, I disagree that most people will get their news from mainstream sources - personally with the recent Haiti situation I got far more up-to-the-minute news breaks from Facebook, Twitter, and other such sources than I ever got from CNN and the likes. In fact, I would say breaking news is something large news organizations are likely to lose entirely. Nowadays my only mainstream media consumption is almost entirely well-written essays and analyses on things, not raw reporting on a recent event. I predict as the "physical media" generation ages, and the young grow up with the internet being pervasive in their lives, this pattern will only continue to grow.

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