More bad news for the media

Another update -- the bad news continues for the "old media" companies:

• The New York Times Company reported that ad revenues declined 8.5% in May, with national, retail, and classified all declining.
• Bear, Stearns offers some thoughts on the possibility that NYT might be the next takeover target.
• Ad Age asks the question, "Where's the money moving?" and answers themselves, "Out of media." Much of that movement, we know, is into trade promo.
• Car dealers are saying "bye-bye" to the classifieds. Revenues for automotive classifieds dropped 12.8% in 2006, and another 20.1% in the first quarter of 2007. Ouch!

Can it get much worse?

Yeah, it probably can. And will.