A democracy needs a trustworthy, vital press to survive.
People who really know a lot of about the news business talk to me, an outsider, and here's how I read the consensus. There are two big issues regarding the survival of news organizations: trust, and business models.
News orgs earn trust by visibly doing a lot of fact-checking, and by keeping their financial interests separate from reporting. The latter means that the income of the news org should not influence what or how they report. Looks like this is a real concern for Millenials.
Note that fact-checking can be expensive; editorial integrity can also cost revenue.
There are a number of business models which might support news orgs and allow them to thrive. Sponsorship, pay-per-view, subscriptions, philanthropy, and advertising are all possible. However, advertising which focuses on specific products or services is threatened by review sites. As a consumer, I ignore almost all specific ads, and use review sites. For example, a very trustworthy review site is offerred by Consumer Reports.(Disclosure: I'm on their board.)
Taking this together… trustworthiness will differentiate a small number of news orgs from a much larger number of orgs which forego fact-checking etc.
Trustworthy news orgs will be the winners of the new news environment. People will pay for trusted news, like the NY Times and Consumer Reports, and these will offer good environments for brand advertising, subscription, philanthropy, and maybe pay-per-view.
Otherwise, news orgs will fight over a shrinking pool of advertising dollars.