Newspapers, magazines and local television and radio will experience double-digit declines in 2009 and additional declines in 2010, coming off a flat to down year in 2008.
Even more importantly, he predicts that we won't see the media industry re-emerge with a 21st-century model for another 3-4 years:
It will be 2012 before the industry of the future - the 21st Century model of the media and advertising industry - will begin to prosper. We can witness new foundations emerging without even looking that hard. Those who profit from the preservation of the old institutions misguidedly turn first to Wall Street and economic solutions rather than building new business models that focus on their customers and consumers.
Don't look to Wall Street. That's probably not a hard sell right now. It's been common wisdom of a sort that while newspapers were in trouble, other parts of the media wouldn't decline so precipitously. Maybe newspapers were simply the canary in the coal mine.