You can see a new generation of media that charge subscribers enough to make a modest profit, and it's things like Talking Points Memo ($70 base cost per year), Defector ($70 or $80 I think), The Information ($500), 404 ($100), etc.
Josh at TPM has actually been quite open/vocal about how to run a successful (mildly profitable) media site in the current market. I think we are seeing transitions towards more subscriber based sites (more like the magazine model, now that I think about it). See The Verge as a more recent example.