"There is most likely going to be some weakness going into the back half of the year," said Leo Kulp, an advertising and publishing analyst at Citi Investment Research. That will especially afflict sectors already struggling with secular changes (such as newspapers and magazines). Strong, growing media players (such as Google and cable programmers) and agency holding companies should do better."

 

"Companies need to continue to invest in advertising and marketing," Mr. Kulp said. "That's going to benefit the ad agencies [and agency holding companies]. But I think you're going to see continued share coming away from the challenged media. You'll see the P&Gs of the world taking money away from newspapers and using that for digital and cable networks and other media forms."