Is Indian media undergoing content crisis?

In light of few incidents in the recent past, I am compelled to think is Indian media undergoing a serious content crisis? The latest one being the 'Rahul Mahajan Case', the media both print and tv are behaving as if all hell has broken loose. I think from last 3-4 days every channel and newspaper is trying to outdo another one and present a picture as if how reliable and fast they are vis-a-vis their peers. This incident is hogging too much undeserving news primetime. Channels have gone till the extent of doing a research on COCAINE vs HEROIN. Isn't it ostentatious.

Around one and half months ago, there was chaotic situation in Bangalore on the the cremation day of Dr.Rajkumar. The media caught glimpse of burning buses, mob smashing the police and the whole day the same footage was played continuosly. Whatever they were trying to prove, it creates a havoc in common man's mind.

These are few incidents which I am quoting, but nowadays newspaper and news channels have become a non stop tabloids. I dont say that dont cover such incidents but media is said to be the fourth pillar of democracy, do they stand upto their responsibilities?

Is Indian media sensible enough to show what is important and call of the hour rather than showing some sensationalising stuff just for the heck of it.