He doesn't get it I'm afraid.
The craft of "credible, serious journalism is in a state of chaos" because journalists are no longer credible.
Money is not a the heart of the issue. Honesty is.
Journalism, once based on the ideals and ethic of Murrow, now follows a different school: that of Goebbels.
The media does one of two things. It seeks to distract the public with "news" stories about celebrity gossip. When it does cover real news, every word is an attempt at manipulation. Stories that cannot be spin doctored are ignored.
This isn't a matter of bias, but of simple honesty.
Like all propagandists, the media lies even when it tells the truth.
Naturally, the public is increasingly looking for news and analysis from other sources.
In Nazi Germany, people simply stopped reading newspapers because all of them contained the very same propaganda.
In America, people are disregarding "liberal" papers and magazines for the very same reason.