Will Blogs help reduce media bias?

Spin Cycle is a study to determine the factors of media biases. One of the factors that leads to lower bias is competition. In their words:

"The third determinant of media bias is competition. The authors find that greater competition in news markets leads to lower bias, because with more news outlets reporting, there is less chance of getting away with an error."

So there is a strong case for blogs to be part of the mainstream media so that we can get the facts from a number of independent sources and thus minimize the effects of the spin doctors.