Ed: Since Business Week has reported on advertising slowdown, have we seen the economic bottom? ;-)

US advertising slowdown looms over media companies

By RYAN NAKASHIMA

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LOS ANGELES -- Earnings reports from three major media companies -- CBS Corp., The Walt Disney Co. and Viacom Inc. -- this week show the malaise in local ad markets beginning to spread to national cable and broadcast networks.

All three companies so far have been able to weather the downturn with a mix of cost-cutting, higher affiliate revenues from cable and satellite partners, and resiliency in attendance at theaters and theme parks.

But analysts said CBS could start showing cracks soon because it gets the highest proportion of its revenue from advertising -- spending that companies tend to trim in an economic slowdown.