America's trust in the media is at its lowest point since Gallup began asking the question back in 1972. The numbers have also become increasingly partisan; Republicans no longer believe the media accurately reflects their worldview.
"...media distrust has major negative consequences, is true to some extent. Media distrust is consequential. It changes the way people acquire information and form political preferences.
Overall, media distrust leads to substantial information loss among the mass public. Those who distrust the media both resist the information they receive from institutional news outlets and increasingly seek out partisan news sources that confirm their preexisting views."
Prominent media critic Mathew Ingram says the lack of trust can't be pinned on any one thing, because of how decentralized media consumption is now. From FORTUNE:
"But the lack of centralized gatekeepers—or rather, the outsourcing of the gatekeeper function of mainstream media—also means there is no consensus on who is telling the truth, and that is a genie that is not going back into the bottle any time soon."
And relying on data hackers and WikiLeaks could have terrible consequences for things like personal privacy, when there is no one to step in and practice any sort of editorial judgment. Do you want your personal information all over the Internet?