Web publishers and bloggers are already stealing readers, advertisers and classifieds. Particularly for young people, journalism has become, in the words of NYU professor and PressThink.org blogger Jay Rosen, more of a conversation than a lecture.

That conversation, at least for now, almost always begins with a traditional news story, which is then subject to annotation and dissection on blogs, which are now read by 27 percent of the U.S. adults online, the Pew Internet and American Life Project says.

The sovereignty of Big Journalism is eroding. —Frank Bajak —Memo to media establishment: Ignore blogs at your peril (SiliconValley.com)