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I doubt news papers will fail within that time, but if they do then the web will be hard pressed to find its news, as the news that we get from websites get their news from journalists who are paid by groups that are not web based -- if they fall, then we will still need journalists, so google, yahoo, and other big names will probably just hire on the journalists that are required to keep business as usual. Though more local interest news will probably suffer, as the incentive to appeal to small groups may be lost.
All in all, things won't be hugely affected by the change -- or at least that is my crystal ball prediction.
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I'm Canadian, I don't watch American news. I do watch The Daily Show, and The Colbert report, who often take jabs at what definitely appears to be ridiculous things that American news networks do.
Other than that, I watch my local six o'clock news pretty well daily, and get anything else important that happened that they don't mention through the grapevine. They don't mention celebrities very often, and sports is the only part of the news that I have no interest in.
I would like there to be more incentive for journalists to go in search of more pragmatic, and consequentialist stories, but as long as the average person is more interested in hearing about what Britney Spears and K-Fed are up to (I know I have to be behind the times slightly here, there must be a new Hollywood domestic disturbance to report on by now?), that won't happen.