From latest Pew Research Center Survey:

“Currently, 40% say they get most of their news about national and international issues from the internet, up from just 24% in September 2007. For the first time in a Pew survey, more people say they rely mostly on the internet for news than cite newspapers (35%).

For young people, however, the internet now rivals television as a main source of national and international news. Nearly six-in-ten Americans younger than 30 (59%) say they get most of their national and international news online; an identical percentage cites television. In September 2007, twice as many young people said they relied mostly on television for news than mentioned the internet (68% vs. 34%).”

Radio gained a little ground (from September 2007 to December 2008) among young people (18-29), up from 13% to 18%.

In this essay, Terry Heaton argues that just surviving is not a strategy:

“This theme of surviving 2009 is everywhere, but I’d like to pose an important question for anybody so hunkered, hanging, waiting or rowing, because waiting it out assumes “it” will end and that there will be a reward for those who are still standing when “it” is over. I’m not so sure, so here’s the question: What if the old model is gone for good and it doesn’t come back?”

UPDATE 12/26/08: A number of folks have accuratelty pointed out that a LOT of the news on the Net comes from newspapers. Worth noting but doesn’t solve any of the problems facing newspapers. If it comes down to getting less news (volume and variety) online or buying a copy of the Daily Bugle, online is gonna win. Business models will evlove that will support quality reporting w/o the overhead of current publishing models.