Newspaper advertising in freefall... 2008 may be worst year on record for ad revenue

New York Times has more grim news for print media. Get this:

Over all, ad revenue fell almost 8 percent last year. This year, it is running about 12 percent below that dismal performance, and company reports issued last week suggested a 14 percent to 15 percent decline in May.

Hat tip: Jammie Wearing Fool