media - The decline of the traditional media

Reading yet another report, this time by the Carnegie Corporation, about the decline in the traditional media and the revolutionary changes we are going through. At least there is a sense of panic in the US, that is still very far away in Europe, and certainly in China where the traditional media are exploding.
But the economic fundations of the mass media are eroding, and I do not see how Chinese media could escape from this media revolution, although it might take a different shape.