He is their direct competition and his existence is very uncomfortable to them.

1. both MSM and Alex Jones are dealing in conspiracy theories and options (real journalism in MSM died long time ago, now it is 50% opinions, 40% conspiracy theories)
2. Alex Jones is pulling daily large numbers of consumers (he is not far behind smaller MSM and he is still growing .. or was) yet he is operating with comparatively to MSM tiny team and rudimentary equipment which allows him to operate with vastly larger margins (ad/donation profit per minute on air). And do financially fairly well and this is what is really frightening them because he and his project are living proof for other people... YOU CAN DO IT TOO. And since people have only so much time to watch OP-eds and conspiracy theories, 10+ Alexes Jones might kill MSM.