I wonder about the more costly research, though. What about dangerous investigations (for example in war zones). Blogging might not pay for everything that is necessary. That said, ultimately I hope that things will turn out OK somehow...
How many newspapers or TV news outfits are providing completely redundant coverage of, say, the violence in Gaza right now? They can't at the same time (a) all cover the same exact story and (b) have me feel bad if 99% of them cease to exist.
Don't worry, there will at least be a few newspapers left. But a city doesn't need its own war zone investigators any more than it needs its own cable news channel.