In the real world of journalism, people report from their homes, from foxholes, from hotels without water. In theory, there is no reason that a publication can't cover IT, make money and still function. I would add, especially when it comes to money. Journalists are not good with money, don't much like it. Send them a paycheck and they'll kill for you.
Journalists are most happy when they are kicking up dirt.
And that is how it should be. The hacks and weasels who worked for these sites filled their magazines and web sites with completely unaggressive, pathetic coverage of some of the biggest criminals of the last decade. They should hang their heads in shame. The reality is that everyone had their heads up their asses because they thought they were going to be rich. Call it the Almost Famous syndrome.