PEJ has released their wonderful “State of the News Media” report for 2007.
http://www.stateofthemedia.org/2007/

This is a “bomb of knowledge on the media world” Amazingly comprehensive in in scope, backed up with quantitative research on all media channels - newspapers, online, TV, magazines, radio and ethnic media. trends? whats going up? whats going down? PEJ looks at the quality of the journalism, business models and shifts in make up and preferences of audiences.

“But the print newspaper is unquestionably ailing. Circulation is declining. Advertising is flat. As Warren Buffett said at his annual investor’s meeting in May 2006 newspapers appear to have entered a period of “protracted decline.”2

2. Quoted in Paul Ginocchio, “Warren Buffett Makes Some Dire Predictions for Sector,” Deutsche Bank Securities analyst’s report, May 25, 2006