The left doesn't respect the media because they want coverage to the left of NPR.
The right doesn't respect the media because they know the liberal bias inherent in newsrooms that have a style guide that includes phrasing like "pro-choice/anti-abortion".
Younger audiences don't respect the media because they want more entertainment than talking heads (too stuffy).
Older audiences don't respect the media because their old news anchors are all retiring (no one to come on the scene since Cronkite has been "the most trusted man in America") and the short attention span soundbites of modern reporting are designed for younger viewers (who'd rather watch The Daily Show).
This is not to stereotype everyone in these categories but much like the Democrat party, the news media seeks a coalition of special interest groups with conflicting positions. The more they try to woo one group, the more they lose/irritate the others.
Here's another one:
How citizen reporters get the news out first
http://www.freerepublic.com/focus/f-news/1318968/posts