The relevant observation is from Viacom. Daily Show is their most streamed and downloaded show, and it's rating continue to rise.
The threat of online content is to the delivery mechanism. Viacom makes money from the ads on streams. Time Warner, Comcast, and other MVPDs do not -- other than by being broadband providers.
It would appear that some of the content providers have figured this out. Disney is actively resisting Time Warner's "TV Anywhere" proposal. Smart move Disney! They understand that internet delivery breaks the cable market power and tips the balance backl to the content creators rather than the content distributors.