Sanford C. Bernstein analyst Michael Nathanson says that those revenues are moving over to national media. In retail advertising, for example, TV stations, newspapers and radio are losing out to network TV, magazines and cable networks. Overall, outdoor and online advertising are benefitting, with second-quarter online advertising increasing 28.6 percent from a year earlier, to $3.5 billion. Total ad growth slowed in the second quarter, down 3.5 percent from the previous three months. The biggest ad revenue declines were coming from computers, manufacturing and telecommunications. (Ad Age)