Aside from the odd
independent journalist (link goes to one I read regularly), it seems only traditional media have the resources to engage in actual reporting of world events. It's very expensive to send people to places in order to write about things that happen there, so the information that is the essential ingredient of journalism possibly can't be sustained by conventional Internet business models.
On the other hand, there is enthusiast journalism, which
is sustainable entirely through the Internet since its expenses are lower. There's editorializing, which in many cases people will do for free, and can be built off the backs of journalism that has already been done. Local journalism can probably be done on the cheap as well, though the Internet might not be an appropriate place to distribute local news.
One hopes that the primary value of online journalism as it has developed is as a check against journalistic monoculture. Since the Internet as it is today can provide coverage of events in specialist fields, then being a sort of ad-hoc watchdog group with every possible agenda would probably be the best thing online media can do for traditional media. Keep the competition honest by punishing them for any attempt to abuse their position, and we get better journalists and better journalism.
There's nothing that can be done about people who will choose to get their news from a source whose slant matches their own. Even in the age when punditry was confined to the opinion pages and one's own circle of friends, news articles would be interpreted according to the reader's position, and two kinds of people existed: those who responded by muttering "What an idiot!" to editorials they disagreed with
all of the time, or only
most of the time. For the former, opinion sites still love to present the opposition's arguments even if only to attempt to refute them, so there's no danger that they won't still be exposed to differing viewpoints; the latter are the sort who'd seek out other positions than their own at least occasionally.
It might be that the traditional model of the acquisition and distribution of news has been doomed by the Internet. If this is the case, I'd say it's far too early to tell the full extent of the new advantages and disadvantages of the system that will emerge to replace it. But it's clear that all the journalistic talent that exists today won't just vanish. As long as there are good reporters, there will be good reporting; and as long as it's on the Internet, there will be a way to find it, consume it, and expand upon it.