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Newspapers lost advertising and readers to websites.
Most publications lost advertising, but few suffered as severely as the Journal.
Nor does it include lost advertising dollars or spiralling costs should the war effort against terrorism expand to, say, Iraq.
The exception was TNT, which lost advertising revenue because of the National Basketball Association lockout last year.
MySpace was the most popular social-networking site in America as recently as 2006, but it has since lost advertising revenues and users to Facebook and other upstarts.
Television, which has remained strong as print media have lost advertising dollars and readers to the internet, could enter a slump of its own.
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Last summer, Time Inc. shut down Teen People, which was losing advertising, but kept it alive online.
NBC has paid $2 billion to carry N.H.L. games but is losing advertising revenue because of the lockout.
The bad news: marginally profitable websites, which is most of them, will lose advertising revenue and plunge into the red.
But otherwise the news about the newspaper business has been pretty grim, with bankruptcies, job losses and threatened closures as printed papers steadily lose advertising revenue and readers.
Still, AOL continues to lose advertising market share; even though its ad revenue increased 26percentto to $392 million in the first quarter, Yahoo and Google grew far faster.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com