This article on CNN highlights the increased influence of blogs on the media (mainly using politics as an example). Key quotes:

"Bloggers love to kick mainstream media around," said Howard Kurtz,
Media Notes columnist for The Washington Post. "I have no problem with
them doing it, although it’s always nicer when their indictments stick
to the facts."

"I think mainstream journalists increasingly have come to read and
respect some bloggers, while at the same time, resenting what they see
as unfair or partisan attacks by other bloggers," said Kurtz, who also
hosts CNN’s weekly program "Reliable Sources" examining the performance
of the media."

The take-aways from this are that blogs can be used to influence discussion and debate in Big Media, but it’s important that the arguments are credible, the facts are checked and the approach is transparent. Only on this basis will the relationship and interplay between media and blogging be effective.