This is my biggest fear about the media. If they don't come clean and reclaim their integrity (this goes for both left and right outlets), the public will reject them. Discourse will move to blogs, podcasts, private networks, etc. In the process, the laws and protections for journalism will be weathered and may be abolished altogether (who needs those pompous journalists, right?). Then we'll be no better than a propaganda state, where you can be jailed or sued for publishing a perspective that offends or exposes someone.
This is obviously a worst-case scenario, but I think that to prevent anything similar from happening Americans need to step up and pressure their news outlets to do better, and for social media platforms to be choked with regulation until they start preventing manipulative shit from spreading.