The Tribune group collapsed because of a load of toxic debt they could not refinance
It is quite fashionable for failing businesses to ignore their own poor performance. Instead they blame it on unforseen circumstances and present themselves as innocent victims of a global cataclysm.
A side effect of this fashion is that some commenators, like this article, are writing off whole industries and business models. They augur from the business collapses. Unfortunately these auguries ignore the more mundane reasons, too much debt, bad profit projections, in favour of some system wide collapse.
IMO the last few years, say 2005 have been mainly credit driven. So although there is undeniable shrinking of advertising revenues, this shrinking is dwarfed by the awful reality of spending shrinking back to sensible levels.