ChasNote

UBS reduces its forecast for late 2008 and 2009 ad revenues (Mediapost), but expects online to fare relatively better than traditional media.

Wachovia cuts its outlook for 2009 (Reuters), with a similar distribution of the pain:

“Wachovia analyst John Janedis now expects U.S. advertising spending to fall 0.8 percent in both 2008 and 2009 ‘based on continued deterioration in the economy, and our belief that things may get worse before getting better.’ He previously called for growth of 1.2 percent this year and 1.5 percent next year.

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“In its updated 2009 forecast, Wachovia said Internet advertising spending would grow at 10 percent rather than 15 percent; magazine spending would drop 2 percent rather than rise 1.5 percent; radio would fall 4.8 percent rather than 2 percent, and newspaper spending would be down 9.8 percent rather than 7.2 percent.”