I'd say they have failed. Many outlets have gone out of business, many are unprofitable and propped up by ulterior interests (e.g. billionaires and nation state

I'd say they have failed. Many outlets have gone out of business, many are unprofitable and propped up by ulterior interests (e.g. billionaires and nation states wishing to influence narratives). Quality has suffered in many ways. The revenue graph here gives a good overview of how the industry has declined: https://en.wikipedia.org/wiki/Decline_of_newspapers#Crisis https://en.wikipedia.org/wiki/Decline_of_newspapers#Crisis