Uh no. While revenues and thus hiring have certainly dropped, it is by no means on a few orders of magnitude. I'd be surprised if it were even on a single order of magnitude. Even the newspaper I worked at that is in much more dire straights compared to 10 years ago is about a third its size.
Besides new online outlets, legacy companies are still chugging along. Starting wage for a reporter at the New York Times is around $70K last I heard (too lazy to look up the union site)