The analysts believe that traditional media companies may experience declining revenue and cash flow for the next several quarters, as the rising energy costs, credit crisis, and slumping housing market have combined to create a recession for the US consumer.

According to the one firm (Stanford), US advertising expenditure has deteriorated due to the rising fuel costs, credit crunch, and housing slump. Consumer spending has been hindered following the failures of some of Wall Street's most established institutions and further tightening of bank lending standards. An additional drop in advertising demand from financials, real estate and automotives seems underway while hotel/motels and other categories of advertisers are also scaling back budgets.