Here's an example of the revenue situation most stations are facing. Revenue is UP but it's mostly the result of political advertising, events that likely won't be repeated for four more years. Local advertising is down 17%; Internet advertising is up 21% but contributes a smaller slice to the revenue pie....$3.2 million vs $45 million from depressed local advertising.

http://www.tvnewsday.com/articles/2009/03/16/daily.5/

Gray Posts 12% Gain in 4Q Revenue

By Staff

TVNEWSDAY, Mar 16 2009, 7:47 AM ET

Gray Television Inc. today announced fourth quarter results for the period ended Dec. 31, 2008. Its total net revenue increased $10.5 million, or 12%, to $94.8 million due primarily to increased political and internet advertising revenue, partially offset by decreased local and national advertising revenue in the fourth quarter of 2008.

• Political advertising revenue increased $24.7 million, or 942%, to $27.4 million.
• Internet advertising revenue increased $600,000, or 21%, to $3.2 million.
• Local advertising revenue decreased $9.2 million, or 17%, to $45 million.
• National advertising revenue decreased $5.1 million, or 24%, to $16.1 million.