My newspaper company (privately owned, one just-acquired small daily, and a couple of dozen or so nondailies) recently held a day-and-a-half seminar on social media and related website issues.
Other than the question of why it was more than one day in length, with lodging costs for staff from papers not close to the headquarters, as well as just the time length, I did learn some things about some of the "newer" social media, like Pinterest and Instagram. However, it was probably a fair amount of "bleah," and, it was bloated. Beyond larger issues, I know other reasons the timespan was bloated and don't need to comment more.
Here's, tentatively, the rest of my observations.
This narcissism bubble has nothing to do with newspapers in particular or media in general, of course. However, it does relate to their current and future decisions as to what to do with the world of social media.