The mass media press is losing money because it is losing trust. More and more people realize how bad they are at doing their jobs.
They mishandle every story, take the wrong stance on every issue, and can't seem to get into their heads the idea of unbiased reporting of facts. The article even admits they have been unfairly bashing bitcoin
They also seem to be married to obsolete distribution models. Blogs are not necessarily less trustworthy than a printed piece of paper.
As for ad revenue, claiming that its worse for online ads then it was for newspaper ads is ridiculous. Its never been higher as google can attest.
I agree - the media industry has been losing trust for a while now, especially here in the UK. Too many scandals to count, they need to improve their behaviour.
But I do think that there is a role for the media to play in the world today, I don't think blogs can do everything. For example, who can report reliably from a war zone? There are many other examples we could talk about to show that you do need some kind of professional media.