E-readers, no. But tablets, phones and other mobile computers yes.
For them to survie they will have to offer paid subscriptions which receive a full colour version of the newspaper, with embedded media throughout. So you click on a news article and from that article you can interactively see video, analysis, other user comments, related topics. In a more advanced way than with current websites. eg. this
http://www.minonline.com/news/12862.html
That kind of higher level of interactivity isn't supported by ereaders. More advanced mobile computers with color screens and faster processors will do it. Most people don't buy newspapers because they don't want paper and plain text. The e-readers take away the paper part but the format of the newspaper is basically the same.