According to Trinity Mirror chief executive Sly Bailey,

"The internet's effect on newspaper advertising has been "overstated",

Guardian Media reporting yesterday on her comments

There's no question that the internet represents an enormous challenge to our business models, as we face the twin threats of consumers accessing the web for news and entertainment and advertisers following the eyeballs," Ms Bailey said in a speech to the Cardiff Business Club, reported by the Trinity Mirror-owned Western Mail.
"I would argue, however, that the immediate impact of this trend on advertising has been somewhat overstated."
The chief executive again reiterated her belief that the current advertising downturn in newspapers was largely cyclical in nature and not a permanent structural change.