The Federated department store company has begun to shift its advertising dollars from newspapers to electronic media, according to a new report from Merrill Lynch, which warned that this shift could affect its forecast for newspaper advertising for 2005 and 2006. However, the newspaper industry took the news in stride, with John Kimball of The Newspaper Association of America, saying, "Federated made their strategy pretty well-known a long time ago, so no one was particularly surprised."

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