Below is the link to an excellent article called the Antique Media by Thomas Lifson. I think he nails what has occurred to the MSM and what lies in their future.
I wholeheartedly agree with his statement that Watergate led to the MSM taking a sharp left turn. I believe Watergate actually ruined the MSM. After Watergate, the average media employee evolved from having an ordinary lower to middle class background to being an Ivy League rich kid bound and determined to emulate Woodward & Bernstein and take out a president too.