The number one threat to professional journalists is the fact that newspaper readership has shifted from print to online, but revenue has not.
Until news companies figure out how to make as much money per online reader as they used to make per print reader, the journalism world is going to continue to be in trouble.
They're a lot cheaper than people involved in printing paper and distributing it.
http://ask.metafilter.com/73789/Cost-of-printing-national-ne...
And that's just printing, not counting the physical paper design folk, who also cost money and who actually are needed to design each individual issue (as opposed to website developers, who I maintain are not needed constantly to update a site whose primary product is not software).
Actually, it may even be more, since you've also got videographers and programmers and other content-producing positions that did not exist at most newspapers before the Web ... as well as a 24/7 news cycle, rather than just a one- or two-edition daily cycle.
Yes, you'll still need to pay for reporters, but those have always been dirt cheap. Yes, there will still be costs, but I didn't say it was free — just that the Web is not this absolute harbinger of doom the industry thinks it is. They're just not adapting well to the new environment.