Complex sentence: The Internet challenges the notion of institutionalized press as the exclusive, privileged, trusted and informed intermediary of the news and experts emerge through recognition of their online peers rather than by anointment by the mass media.
Split into simpler sentences: The Internet challenges the notion of institutionalized press as the exclusive, privileged, trusted and informed intermediary of the news. "Experts" emerge through recognition of their online peers rather than by anointment by the mass media.