Well, according to John Lloyd and Laura Toogood, the pecking order is changing. In a new book published by the Reuters Institute for the Study of Journalism, University of Oxford, United Kingdom, the authors make the following case:
Public relations is booming at present, and its mechanisms and practices are being adopted by corporations and companies across the globe. Journalism in the developed world is undergoing a series of radical changes, and is available in a greater choice of forms than ever before. The first, however, is highly profitable: while newspaper, magazine, and some forms of broadcast journalism struggle to discover a stable model for making profits. This will not change soon.
Newspapers and magazines under pressure are thus pulling their editorial closer to public relations and advertising to secure funding, both in the carriage of native advertising and in using public relations narratives. The internet, which increasingly carries all media, blurs the distinctions which had taken physical form in the pre-digital era. (p. 129)