I would argue that the news is what it is precisely because this has happened. The Internet captured the public's attention and TV broadcasters were too slow to capture control of the internet and found themselves competing with the likes of Google, Amazon, Ebay, YouTube, etc.The reason the news is what it is, is because people watch and they sell ad slots. If we quit watching, TV news will change.
In order to keep/regain viewership & relevance for their advertisers, they upped the frequency and excitement level of the news.
This is, I believe, a strong contributing factor to the "excitement" level in society: constant bombardment with violence, sex, and ever more exotic ways/places become the new normal and one has to go even farther to stand out and be recognized.
We can draw an analogy from the "boiling water" theory, without the need for any frogs. Take cold water, put it in a pan, add energy, the water boils, turns to steam, escapes the vessel, and - soon enough - there ain't nothin' left in the pan. Whatever was once there, however useful or beneficial it once was/could have been, has evaporated and dissipated.