The media in the United States has changed faces over the past few years. We've gone from three networks of "broadcasting" to 100s of networks with "narrowcasting" and now, we have on-demand.
Large media companies, such as Belo, here in Dallas, have made the transitions to mostly digital (a transition started with USA Today), over the past decade in a fairly seamless way. Belo has gradually transitioned their revenue streams, and is always ahead of their competitors with innovative online services, and on the air services, and seems to have good sense in where to head their various properties while maintaining very good product quality.
CNN is blazing the way with their innovative use of technology and their endorsement of a changing populous. Some of the stuff CNN is doing is fascinating.
Record labels, on the other hand, have done nothing but kick and scream and threaten in a market they could have transitioned to had they been awake at all.
Newspapers have dropped off, and that's just the way of the world. Technologies change, and many big newspapers are in deep trouble. E.g., The Chicago Tribune was just bailed out.
Because The Internet is so vast, and so immediate, news is completely different now than 20 years ago. News literally shapes itself in real time now. I was fascinated to see streaming video from the head of a tank in Iraq via the military's battlefield awareness network.
Most newspapers are in trouble if they haven't transitioned successfully. There are only x ad dollars, and there are so many more folks in the game now.
Print media makes money most by advertising still, but, things are changing. Many papers won't exist a decade from now. It's a tough business model to sustain.