Andrew Sullivan, despite being a blogger evangelist, like myself, knows trouble when he sees it:
The latest data are more than worrying. These declines in circulation have come during one of the most riveting campaign stories in modern times. If the news of the last twelve months cannot sell papers, nothing can. And online advertizing is also flattening. One looks at the looming depression and wonders if the media landscape will survive in any recognizable form by the end of it. And I take no pleasure in this: we need papers for the kind of reporting every democracy requires to survive.