The MSM may be in decline, but they still wield tremendous power to shape public opinion. Millions of Americans still sit quietly in front of their televisions and soak up the propaganda. The MSM can take non-events such as "macaca" and the Foley October Surprise, and give them sufficient legitimacy that they become vote-changing scandals. The dinosaur media still have enough weight to squash our candidates like bugs. They are nowhere near extinction.
I would not arque that point however as it is apparent when you lose the advertisement dollar which drives all media, you have to make changes.