Ad spending continues to decline

As expected, advertising spending dropped even more in the fourth quarter than earlier in the year last year (9.2% v. 4.1% for the year). That's the major reason why all media -- not just old media -- is in trouble. It's not just shifting spending to the Internet, but the slashing of advertising budgets that's put so many media outlets in trouble. Of course, the wholesale mismanagement isn't helping either.