From the WSJ (23 April):
"Even with all the grim news the newspaper industry has faced in recent years, publishers have consoled themselves that they have a lifeline. If they could switch content away from print and onto the Internet — bringing advertisers with them — they could save their businesses. Last week, that lifeline began looking frayed. New York Times Co. warned Thursday that online advertising growth this year won’t be as strong as the 30% it had projected. On the same day, Tribune Co. reported that the growth rate for first-quarter interactive revenue was sharply lower than a year earlier. "
Although the Washington Post and others have yet to report for the first quarter, there seems to be general agreement among analysts that there is a trend, exacerbated by recent acquisitions and figures from Google and Yahoo. " Underlining this pressure is a shift under way within Internet advertising. The ad formats that have so far proved strongest for newspapers — banner ads, pop-ups and listings — are losing ground to formats such as search marketing. Ad buyers say automotive, entertainment, financial-services and travel companies — all major newspaper advertisers in print and online — are aggressively shifting dollars into search marketing."
But Google and Yahoo may clean up here also, as they gain contracts to provide search on publishers’ websites.