I think that journalism ( in the sense of newspapers) is largely doomed. For the general purpose "where did a bomb go off?" news, one site per country is enough, so the biggest site will simply win ( and can sustain itself on an ad model). For more in depth reporting, I do not see a way to beat hobbyist or semi-professional blogs, since there is simply no way how a journalist can beat a specialist. Especially if the specialist is working for free. [1] Above of this, I think there is a market for long form journalism, which can be sold by ebooks. ( And probably these ebook sales require a quality blog as advertisement.)

So I think that a lot of journalists will need a new job, since their old one was generated by the trouble of moving paper around. And I think the future of journalism will be very few news portals, who produce baseline chatter, plus a lot of much more specialized sites in addition to a few aggregators. Unfortunately this is a construction which is easily swamped by PR bullshit. So an editorial board, which publishes curated links, may actually be worth something.

[1] This does not mean that an average blog is a good source, it means that the best blog will always beat an average newspaper article. A random tech journalist can simply not beat Bruce Schneier in anything crypto related.