The New York Times summarizes the problems for the U.S. newspaper industry in a fairly succinct, bleak way today.
Ad revenue is down, the economy's overall malaise is compounding the troubles, and many of the more leveraged media firms are facing challenges meeting their financial obligations (although no one is at bankruptcy's door). Online revenue is growing, but not at the rate it was a year ago, and not nearly quickly enough to replace the loss in print revenue.
The speculation is that there will be further takeovers and assimilations to deal with some of the problems.
One analyst tells the Times the bottoming out may not take place for another three to four years, by which time that industry may bear little resemblance to today's.