Newspapers, other print mediums and even TVs are losing a huge portion of their advertising share to the web, even with the reality that they all now own an online property where they are trying to make up the loss in their offline media but they couldn’t do it.
There are many reasons made it hard for the traditional media to compete with its web property and here are some of them:
1-    The web is more competition for them:
Off line they are competing with other few newspapers/stations, but on the web they are competing with millions, the web gave everybody a voice for free!! You cannot establish a print news paper nor a TV station but you can easily own a blog FOR FREE and if you are really good ad writing in a specific niche you will get your own audiences and be a start without the need of some networking to get a job in a news paper.
2-    The web is very fast paste for the traditional media:
Few months in the web word is a very long time, so while those guys are strategizing for the next 5 years, a kid with 20 years of age will come up with another Facebook or Digg, or may be another Google.
3-    You should care less about brand/reputation:
When it comes to the web mediums, it is open environment you should expect a lot of criticism, spam and all kind of attacks, but your fears will get you know where, get rid of these fears and go online.
4-    The low cost of getting traffic on the web:
Thanks for paid search and search engine optimization; you can get instant traffic online once you finish your website, you can control the amount of traffic/money you want every day.
5-    The web has a huge user base:
Before the web there were millions of people those are unreachable by any media, the popularity of the web creates a huge user base where small ideas can find people those are interested in, love and may be adopted.

Is the traditional media going to die soon?
It will not die but traditional media should expect to lose more of it is advertisement revenue year by year, they have only one solution which is converting more resources towards their web departments and try to hire some creative minds AND marketing experts in order to;
-    Drive more traffic to their online properties
-    Enhance their brand
-    Make it harder for small players to penetrate the market by keep growing their online pretense and catch any new opportunity.