Why do you think that's a myth? The news industry was always reliant on advertising for revenue. The tech giants of the Internet era all figured out how to better target advertisements, so a huge amount of that advertising money shifted from news to tech giants (and not just tech "giants" - Craigslist basically killed classified ads, and Craigslist isn't exactly a "giant").
I don't really know if the news media industry is "dying", but of course tech was hugely instrumental in reducing the overall amount of revenue that goes to journalism.