Although we see the term "hyperlocal" more as describing a fundamental paradigm shift rather than just narrowing it down to a definition of Citizen Journalism, the media sector still remains an important part of the global picture in this context.
One of the most influential publications in that area was the research report We Media: How audiences are shaping the future of news and information, commissioned by The Media Center and The American Press Institute in 2003.
Since then Participatory Media gained huge traction with emerging tools and establishing platforms. Consequently the authors Chris Willis and Shayne Bowman decided, it´s time for an update on the state of the news industry in 2006. The article "The future is here, but do News Media companies see it?" has a good overview on that topic.
Additionally the authors announced an updated version of the report We Media 2.0 to be published in January.