The trickle becomes a flood

This report by Wachovia Equity Research confirms what most people already know -- the migration of ads from newspapers to online is only getter worse (or better depending on your perspective.)

Nothing dramaticly new except this comment at the end of the E&P article:
Wachovia estimates that Internet advertising would have to grow 15% per year over the next decade to reach the ad dollars spent on newspapers (or about $35 billion). But that scenario doesn't have to play out in order for the Internet to "have significant impact on the advertising industry as a whole," wrote Wachovia analysts. "It's already having an impact."

At least one newspaper executive will cite this as an example there's nothing to worry about since there's plenty of time. Just remember - all leaks not addressed lead to a sinking.