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It is very hard to restore the media image, specially that 90% of our news, whether we read, watch or listen to it, is dominated by six media giants:Comcast- News Corporation- The Walt Disney Company- Viacom- Time Warner- CBS Corporation.
It needs hard work from top media influencer to launch Independent agencies to regain trust from the major audiences and create the credibility to change the current situation in media right now.
I think its too late for them because it has been years that the media was unethical, slanted, biased and sensationalist. In the advent of alternative media who are not affiliated with bigger corporations I think mainstream media is done and was on life support since 2011. They are expected to be dishonest now therefore, no one buys newspaper or even views their websites anymore; from what I seen in the younger generation. Overall, mainstream media has no hope of survival no matter what it does; even a complete overhaul of the entire organisation has a small chance of success.
There are many trustworthy and reliable journalists, that want to show a true and objective image of what's happening, but the main problem lies on the top- people there want to sell more, gain more and it's all about the money.
We need to watch news, know what's going on but be very very selective to what are we reading, seeing etc. Because behind what we see there are people who want different things and mostly is to know the "true" that they are creating.
So - no, at that time I don't see media "repairing" themselves, but I believe that they are many great honest journalists.