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Sorry for the delay, been wrapped up on a few things.  I haven't followed it, but the drying up of advertising dollars is killing media outlets, just like no store purchasers are killing retailers, and plummeting sales tax revenues are killing the states.  It's just a matter of who goes first.  The weaker stores - Marcus, Penney's, probably Macy's at some point - are going to go away, and many of the discounters may be forced to consolidate as well.  Then you consider all of the secondary retailers in malls, strip centers, outlet malls and the like, and the follow-on hit to CRE investors and lenders will follow.


RTR,


Tim


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