Yes, the internet has made quality investigative journalism like that which led to Woodward and Burnstein's Watergate articles next to impossible as there is no funding for it.
Information covers a much broader scope than what's traditionally covered by investigative journalism (which although is in decline is still very present in the uk). Information covers any area you wish to study or follow. Remember when you had to get your dose of linux news in a monthly magazine?
Politics and current events are covered now at a speed and quantity that eclipse the past. A decline in investigative journalism is counterbalanced with something that's not the same but does mean your aware as ever (quite possibly more so) of the corruption that grips the world. I understand america is politicly a little messed up with groups like the tea party showing how ignorant people can be but I would suggest they're people who don't want to fact check what their spoon fed. For people who seek it, access to news isn't largely restricted to a limited number of media mogul's any more. As long as you have the ability to identify reliable sources and cross reference effectively you don't have to take the word of any journalist. You can often quickly be able to look into aspects their claim yourself. How often have you, for example, been watching a documentary on misc troubles in a far off country and popped onto Google to get further information for yourself mid show? The internet empowers you if you use it.