If newspapers are indeed prehistoric animals, dinosaurs if you will, and a global disaster has hit (be it asteroid or volcanic bedlam) extinction is but one option. Things are bad and some papers are dying, but I do not see the end of the medium.
Newspapers have indeed grown too fat and comfortable with their corner of the media spectrum. Few would deny this. The species that can evolve and adopt will survive, with many changes to their DNA. Publications are moving pretty damn fast at the moment to try and mend their ways. Many magazines and newspapers are teaming up with each other, sharing newsrooms and staff where possible, trimming all employee ranks, bringing in user content, and empowering journalists to be their own full fledged media outlets (writer, photographer, editor, producer in one).
Any individual can now rise up from no where and become their own media empire today. The speed, efficiency, and simplicity of the tools that allow this will only increase. Every media outlet needs to be more mobile, versatile, and eager to evolve.
Much of the print media is in global disaster mode. The resources are dwindling and they are trying to figure out which mutations will allow them to survive. The true dinosaurs will die out. Those best able to adapt to today’s evolving media will survive. No word yet on how many are really Dinosaurs.