The MSM has lost touch with audiences because they are no longer covering ordinary people and their interests.

From Be it Resolved: The Mainstream Media is Dying, and that's OK. Matt Taibbi Debates Ben Bradlee, Jr. by Matt Taibbi.  

Excellent summary of a worthwhile debate.  My primary caveat would be that the Mainstream Media has substantially already died.  There are a few outposts in select Blue cities but the diverse and profitable media across the country which is the baseline for Ben Bradlee, Jr. is already gone and I see no prospect of its return in the fashion that it existed.  There are still a handful of big pictures but there are financial question marks over their future as well.

I like Taibbi's summary.

We’ve talked about news deserts in this country. We've lost thousands of local newspapers since the early 2000s. The situation has resulted in a major class schism in journalism, because so many of those local news reporters in those smaller papers — these aren't rich people. They're not children of privilege. They don't have a lot of money, but they served a very valuable role in small communities and they reported on things that were important to ordinary people. And also, they were in touch with the people in their own community because they live there.

What's happened with the disappearance of those types of organizations is that the only thing left is the national news media, which increasingly — and I watched this process happen because I've been in the business — it's increasingly made up of people like me who are upper-class white folks from big cities of the coast, of the East Coast and California.

If you go on the plane on the campaign trail, most of the people on the plane now are graduates of Ivy League universities. They live in rarefied areas of expensive, cosmopolitan neighborhoods. Socially, they see themselves as being the same people as the politicians they're reporting on. That's a terrible situation. I think that it's an underrated problem within modern news media. It's lost some touch with mass audiences — in part because they're no longer the people who are covering the affairs of ordinary people.