Is social media a threat to journalism?

Here is a piece from Chris Cramer, a BBC and CNN veteran and current Reuters Global Editor, Multimedia, on what social media and "citizen journalism" means to the media. The bottomline: credibility and integrity matter, and profits follow.
I agree with a lot of what he says, having worked at Reuters-- with its commitment for some basic principles. But there is a chaotic universe out there and we need more innovations -in products, services and business models.