The Atlantic and a lot of media, cable news, newspapers, are certainly guilty of extreme bias, lying, and deliberate disinformation. Breitbart's list of hoaxes in that article is a good example.
However, the extinction of these traditional forms of media isn't because of their lies, in my opinion, it's because of demographics: young to middle-age people are getting their news, scanty as it may be, from other sources - and the same lies and bias is still there.
I don't know anyone under the age of 60 that watches cable news, traditional network news, or reads newspapers. Likewise, many people I interact with who are in their 20's, 30's, 40's, are oblivious to current events: they have too many distractions. This is why a famous entertainer, totally ignorant on the facts of many issues, can have a dramatic effect on popular opinion and beliefs.