Free sites will close without targeted advertisement, obviously; they barely can afford to pay salaries now, so with untargeted ads it will be impossible. And the only media sites that will be able to afford to run are those that are subsidised by the state. This is already happening in Europe, where most of the big media are practically bankrupt and their income comes from the state in the form of subsidies, ad campaigns, internships paid by the state, etc.
You already have a sibling comment in this thread precisely asking for that: the state paying for the media. How do they think this will end?