Here are some of the college/new media links I follow to keep up with the news of the news:

College Rag - I like to get my news on student media from student run websites. College Rag is run by two students from UNC-Chapel Hill.
College Media Matters
Journerdism - This is Will Sullivan's site, the Interactive Director at the St. Louis Post-Dispatch. Journerdism does a great job of finding interesting stories about the "state of the media"
ProBlogger Blog Tips - I also follow problogger on twitter. Great tips for budding bloggers.
MediaShift - PBS on new media. I check this out every week or so, usually something neat.