An excellent post.
It's not likely that MSM can change.
It will likely have to be replaced over time, which could take a number of years. That's what is happening already with the rise of Fox News and internet reporting.
The old entrenched MSM is mostly watched by the older generation (for example, I can't imagine any young people watching perky Katie or Rather) who don't even see what Couric, Rather, Brokaw, et. al. are doing as biased. They really think that they are getting news, not just opinions. Ask around of some people who watch those shows, it might surprise you.