Sure, we'd have this period of time where the world would feel like it's on fire. All your "news sources" (air-quotes) would disappear and everyone would be lost for a bit.
But then, innovation would happen. And the original web would re-emerge. And all the good things that we pine about for the old days of tech would return. People would pay for good news again or maybe Jethro would create the website he's been dreaming about.
Sure the stock market would probably collapse. And we'd probably have another great depression. But I sure think the world would be a better place after all the dust settled.