Yeah I agree with both of you about the need for investigative journalism. I'm just saying that it's hard to be sad about the papers losing their classified ads. They had a bunch of chances and they screwed them all up.
I think in the long run this'll probably get sorted out. But you are both right that in the short run it sucks.
Personally I'm loving what John Oliver is doing right now; it seems like every week he tackles some kind of genuinely important topic and has such a scathing review of it. They do such a good job that the institution's bad behavior is funny insofar as how misguided it actually is.
It's also depressing that one of the better news sources available right now isn't CNN or some "legacy" media, but rather a guy who came up through The Daily Show.
I think the reason that Last Week Tonight does so well is that they aren't beholden to anyhow. Most legacy media has somehow convinced itself that it needs access to politicians in order to report the news. That has led the reporters to be very deferential to people in power, which prevents them from asking tough questions or for evidence or proof of various assertions by those they quote. And because of that, they've watered down most of the value of their various brands.
It's definitely sad, but I think that in some way these folks did it to themselves. When everyone is reporting "An anonymous government official said Snowden hurt us lots, and he is a bad guy" it's safe to say that they're not really doing their jobs.