This is one reason why newspaper stocks, overall, continue to be underpriced (relative to their long term value)...

Suffice it to say, I STRONGLY disagree with Wachovia analyst John Janedis's conclusions. (His notion that Gannett is going to suffer a 14% additional decline in ad revenues in 2010, on top of the 30% decline in 2009 is PATENTLY ABSURD. I say ad revenues are going to go UP 14% (or more) in 2010, for Gannett!)

The article is entitled: Ad Revenue Eludes Papers

If the below link doesn't work, type the above title into Google, and you should be able to see the article for free.

http://online.wsj.com/article/SB10001424...