If you’re interested in the above subject, you should read the following post:
Are blogs a ‘parasitic’ medium? by Robert Niles on the USC Annenberg Online Journalism Review.
The way I see it, there are two options for the traditional media:
1. Stay the way they are. Blogs and other web 2.0 sites which are value-laden complements may then overthrow them one day.
2. Evolve and accept that readers and viewers have their say and open up their ‘online pages’ to allow open discussions and comments