Despite the fact that 30 million viewers still turn to network news each night and the programs get ratings well above CNN and Fox News, network news operations lost their role as the sources Americans rely on during time of major breaking news, Donaldson said.

"God forbid, if someone shot the President, which network would you turn to?" he asked. "It will be cable, the Internet - something other than General Hospital being interrupted."

Moreover, Donaldson predicted that viewers will increasingly continue to turn to alternative sources for everyday news as well. His co-panelists, CNN political analyst Jeff Greenfield and Charles Osgood of CBS "Sunday Morning," failed to share his pessimism.

"If it's dying, it's dying a very slow death," Greenfield said, adding that although the network news monopoly was "smashed" by cable, broadcast news will somehow redefine itself.

Osgood said the network news can remain competitive with other news outlets but must be constantly re-evaluated to remain competitive – a fact that makes him glad he's at the tail end of his career rather than the beginning.

He mused, "It used to be when we wanted to make a show more appealing to more people, the first thing we did was design a new set."

That was, of course, before viewers had a dozen choices for news on TV alone.

Editor's note: