Yes for TV news. Not for every kind of news. Some outlets are having a good crisis.
In the UK the Daily Telegraph is giving back the government furlough/support money as it doesn't need it. So is The Spectator. Interestingly these are the right wing newspapers. Why give up free money? Because the government really needs it but the newspapers don't, given that they are profitable and subscriptions have been rising, not falling.
https://www.spectator.co.uk/article/a-statement-from-the-cha...
The Daily Telegraph has doubled subscriptions in March alone.
It's actually proceeding apace. By its very nature, being slick TV shows and edited textual content, it'll superficially look like everything's fine until the very end, but the layoffs continue to roll through, marginal outlets are closing, the viewership drops, the respect keeps finding new lows... it's still looking good and may even come sooner than you think.
This does not, on its own, solve the problem, but it makes the problem possible to solve.