John A. Byrne has written "Google & Media: Biting the Hand that Feeds You" on his site c-changemeida.com. He is the former editor-in-chief of BusinessWeek.com and former executive editor of BusinessWeek.
http://www.c-changemedia.com/2009/12/google-media-biting-hand-that-feeds-you.html

Below are a few quotes from his story.

"Search--largely Google--now accounts for some 45% of the traffic at BW.com, up from less than 20% in 2006. That simple little box is driving vast amounts of advertising inventory (and therefore revenue) to the site."

"People are more routinely turning to Google to get information, rather than a brand known for its expertise in a given area. They'll google (yes, I'm using Google as a verb) leadership before going to The Wall Street Journal, Fortune, BusinessWeek, or Harvard Business Review. They'll google President Clinton before going to The New York Times, Time, or Newsweek."

"Instead of complaining about this and threatening to block Google from crawling a site, media companies would do well to step back and more fully understand what they really need to do: rebuild the relationships they have with their readers, viewers, users."