New ad spending forecasts undermine hopes for newspaper and magazine recovery

Almost every category of media has been hit by the downturn in advertising spending, but print media has been hit hardest of all. Many large weekly and bi-weekly magazines like Forbes and Entertainment Weekly are suffering from significant double-digit drops in ad pages.

Newspapers, in most cases, are not doing any better than last year. Several large papers have folded or sharply cut staff. Gannett's (GCI) earnings, which will be out later this week, should show if the problem is getting even worse.