After this period of fragmentation and user generated content hysteria that we’re experiencing now, I think we’ll see a regrouping of sorts. Not 3 major broadcast stations or 2 national newspapers, but dozens or hundreds of media hubs in narrower content areas. It’s already happening with aggregators, for instance.
Media authorities will never go away, in whatever shape they may exist. We’ll always need somebody or something to tell us what’s important, because no one person can ever be omniscient and discerning enough to figure it out for themselves.