Some wags will also use LSM, presumably "Lame Stream Media," and MWDP, the "Media Wing of the Democrat Party."
Old Media (aka "Mainstream Media") vs. New Media, ie, talk radio/Internet/FR/weblog.
"Old" says it all: passe, has-been, used-to-be, washed up, versus...
New: we get it; you should, too!