Paid Content has an interesting article on media becoming a barbell industry.
Barbell industry structures consist of a relatively few giant corporations on one end, a narrow middle consisting of a shrinking number of mid-sized firms, and a large and growing number of small, micro and one person (solopreneur) firms on the other end.
We've looked at dozens of industries and all have this structure or are moving to it.
The Paid Content article points out that large media firms like New York Times and the Wall Street Journal are going to survive and even thrive. The article is also positive about "ultra-small" media companies.
But they're very negative about the prospects of mid-sized media companies and describes their future as "uncertain at best".
Our article Industry Structure - Big Get Bigger, Small Get Smaller goes into more detail on this topic and links to other information sources on the barbell economy.