Declining auto ads hurts media companies

The auto industry is spending significantly less on advertising and it's cost-cutting is hurting newspapers, radio, television stations and major media companies, according to a story in The New York Times.
In the first quarter, the auto industry spent $414 million less on ads. Newspapers alone lost $131 million in auto advertising.
From the story:

For all the discussion of new media’s role in hurting profits and revenues at traditional media outlets — newspapers, magazines, broadcast television and radio — the sharp downturn in the auto industry is another big culprit, and is taking an increasing toll on the advertising revenue generated by the media...In recent earnings reports from the major media companies, like Viacom and Time Warner, executives mentioned the downturn in the auto industry as one reason for lagging revenue at cable networks and magazines.

For the full story click here.