Glenn Reynolds explains in brief why the old media monopoly on news is over: "For a long time, huge entry costs other economic and technological factors meant that you pretty much had to be Big Media to be any kind of media at all. Now anyone can enter and compete, and even if they don’t take a lot of market share away from Big Media folks, the threat of this sort of competition is likely to have a potent impact." In part, this has to do with the internet, and bloggers.
And note this example of the deceitful big media that Ann Coulter brings up, and Mickey Kaus comments on. Who is Greg Packer? He is quoted, as a random man on the street interview over 100 times in different stories unrelated to one another by everyone from The New York Times, USA Today, etc. Fascinating, and with Coulters column, the bloggers are going to run with it, and pretty soon even big media will have to report on it.