So the reason newspapers are in trouble isn't that they aren't making lots of money — they still are; advertising is a huge, huge business, as any app developer will try to tell you — but that their business models and payroll depend on so much more money. The U.S. newspaper industry was built to support $50 billion to $60 billion in total advertising with the kind of staffs that a $50 billion industry can abide. The layoffs, buyouts, and bankruptcies you hear about are the result of this massive correction in the face of falling revenue.
While the cost-to-produce isn't so out of whack, i do believe there is probably a correction coming in TV at some point relatively. It won't be as severe, because so much of TV is subsidized by cable and subscriber fees, but it will come and there will be blood.