If you click on the link in this entry's title you can read the State of the News Media 2007, An Annual Report on American Journalism, issued by the Project for Excellence in Journalism, which runs the website www.journalism.org. The Project apparently issues such a report once a year. This year's report is interesting because it shows a decline in viewership of network news, cable news, and local news on televisions. It also shows a continuing decline in circulation for daily newspapers and a decline in sales for the big three news weeklies, U.S. News & World Report, Newsweek, and Time magazines.
All this shows that the so called "mainstream media" is suffering a loss of users, which will eventually lead to a loss of influence and power. Whether it will also lead to better political and governmental reporting is an open question.