Let us forecast.

The classic MSM is dying and will soon be dead entirely. What among it survives? People magazine and the National Enquirer. High-cost news-reporting by institutions like the New York Times and WaPo will not survive.

Will people still seek news (outside the sensationalist type served up by People etc.)?

Maybe. Probably. But they will go online for it, because it is faster, cheaper, and easier that way.

How will that affect the news people consume?

Yes, the MSM is biased, because the people who go into MSM news tend to be liberal. But the people who write online news tend not to fact-check. Truly. This is a problem.