My guess is that things will largely continue as they have been, but we'll get a lot fewer of those cute little stories about a random one-off issue in a town of 300 people or whatever.
Probably not the biggest loss if I'm right, but still a major bummer, and yet another connection between the rural and the urban is severed.
I think people are interested in local news, so the gap will certainly be replaced but by monied interests, e.g. Sinclair [1] or similar. Who will promote their narrative and further polarize the information landscape.
[1] https://en.m.wikipedia.org/wiki/Sinclair_Broadcast_Group