The report said resources devoted to traditional newsgathering have continue to shrink with a decline in ad revenues over the years, and national and local television channels, newspapers and magazines are struggling to survive.

Cable television has until now escaped the downtrend faced by legacy media companies. But top broadcast networks such as CNN and MSNBC remained flat, and CBS News announced cutbacks, with only Fox News reporting a profit.

The PRC study said even though broadcast companies are attempting to navigate newsgathering in the face of ever-declining television ad revenue, online ad-revenues alone will not be enough to sustain the industry. The rise of citizen journalism and the popularity of online media are putting the fate of traditional media in question.