The perfect storm gathers pace

Back in January I wrote  a blog post I was going to call the Perfect Storm but for reasons lost in the midst of time I didn't actually post it anywhere. The premise was that traditional media publishers were going to increasingly find themselves in a situation of falling circulations and decreasing advertising revenue as changes in people's media consumption habits accelerated, and more advertisers saw the benefit of moving their spend online. Any potential economic downturn would make this a perfect storm in which casualties would be inevitable. Well with current events continually redefining the definition of economic crisis it was hardly surprising to see what the September National Newspaper ABCs and  IPA's latest figures revealed today.

The question for me is whether there is the potential for a Lehman Brothers style casualty in the UK media industry and if so who is it going to be?