It is not simply the Internet but also the content of their broadcasts. If they had great content that the public wanted their ratings wouldn’t be nearly in the bucket as we are seeing now. Why do people choose Faux News over ABC, NBC, PMSNBC, or CBiaS?
Right, but FNC doesn't have tens of millions of viewers - which is closer to what traditional broadcast media has lost the last 20 years. FNC only has a few million viewers, and they still have far fewer viewers than the 6:30 newscasts.
The Networks aren't bleeding viewers to FNC, they're just bleeding viewers.
I know we'd like to think that this problem for the networks and the newspapers is content-based. It's not (at least it's not that much). It's demographics. As the loyal network and newspaper viewers age (and die off) they're not being replenished by the younger viewer.