Changing of the guard?

The death of Michael Jackson was a huge scoop for TMZ.com, which was reporting the news a full half hour before mainstream American media such as CNN and Fox News, which could only say that Jackson had been rushed to hospital. It means TMZ has good sources and/or it's not afraid to have a punt. But, of course, what if TMZ was wrong? Well, I guess it wins there, too, because it doesn't have so much "credibility" at stake. The internet and people's desire to know the news now really presents a challenge to tradtional media. I just hope they don't throw out the golden rule of verification in the rush to be first.
PS: CNN briefly found the compromise of saying that Jackson's death had been reported online, but CNN was unable to verify it. Perhaps they should have gone that way sooner.
Update: This story, in Media Guardian, explains what TMZ is and how it works.