We’ve been expecting an ad slowdown to hit this quarter. But most of the big media companies — including CBS this morning — continue to insist that they’re not seeing any problems. (One big exception: All of the big newspaper companies who do blame the economy for their problems, which is only partly true).
But a cut in ad spending is coming, Goldman analyst Ingrid Chung says in a note this morning. She just thinks we’ll have to wait a few more months to see it:
While current ad market conditions are still positive, our checks of 2001’s slowdown indicated a major slowdown did not take hold until one quarter after that recession had begun – implying CBS and others should see slowing during 2Q2008, assuming a recession started in 1Q2008.
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