"the industry, which has long been viewed as being riddled with inefficiencies and extravagance, is likely headed for a massive shakeout"

The advertising depression: "media economist Jack Myers....is now forecasting an unprecedented three straight years of declines in advertising and marketing spending in the U.S. starting this year. To put that in perspective, the industry hasn't suffered even a two-year spending decline in advertising since the 1930s. All the money expected to leave advertising has weighed on the media sector, especially the ad agencies. 'It's not just economic,' Myers said in an interview with Dow Jones Newswires. 'It's secular and systemic. It's like moving from an agrarian economy to an industrial economy. Anyone connected with the advertising business is challenged right now.'"