I think we need to get something straight. the internet isn't a media channel. it's a technology. a technology capable delivering content across of range of different media. a technology that can be TV, or radio, or press (or probably as we should say; audiovisual, audio or visual).
it's bugging me to hell that in the same breath people are talking about the demise of television and the rise of the internet. the internet is television. but it's television on viewers' rather than broadcaster's terms. the issue isn't the demise of TV, but the decline of the broadcast model and of the broadcaster as commissioning editor and content aggregator.
the internet is TV, and radio, and print; and it's no co-incidence that the commercial entities that were formerly the only conduits for these forms of content, are the same commercial entities that are feeling the most heat. if you're a media owner in this position the challenge is therefore twofold - one, how do you maintain value for consumers in the offline delivery of your content, and two, how do you deliver your content online whilst turning a profit.
but please, stop calling the technology that is the internet a medium. not only is it a misjudged and unfair comparison to offline media but it massively underestimates the capabilities of the web.