Justin explained in his Newsmakers appearance one potential method by which the “old media”, newspapers (like the ProJo) in particular, could recalibrate and take advantage of the forum that bloggers provide (basically for free). To summarize, let the MSM focus on collecting news and the blogs deal with the discussion of the news . Glenn Reynolds provides one example of the benefits of one such relationship:

[T]he relationship between blogs and Big Media should be thought of as symbiotic rather than competitive, and here’s some more evidence. Jack Lail, managing editor of the Knoxville News Sentinel, emails that InstaPundit sent them nearly a million pageviews last year, and holds two spots (for instapundit.com and pajamasmedia.com/instapundit) on their list of top 20 referrers. Smart news people — like Lail — are more interested in getting bloggers to deliver traffic than in complaining about blogger competition. And smart news organizations will take advantage of new technology to facilitate their hard-news reporting ability via the “Army of Davids” approach, rather than complaining that people who post breaking-news reports on blogs or Twitter don’t have journalism degrees.
It’s interesting to me that we see far more anger from Old Media folks aimed at bloggers, etc., than at Craigslist, even though Craigslist has done far more economic harm to the newspaper industry than bloggers, who probably add eyeballs rather than (as Craigslist does) subtracting them. My suspicion is that the Old Media folks care more about prestige and position than money, and bloggers have hurt them in the prestige and position department. Of course, caring more about prestige and position than money isn’t a formula for a flourishing business . . . .
Meanwhile, here’s more on how bloggers and Big Media can work together in covering an issue.