How do you think magazines and newspapers will deal with this recession?

This question was inspired by the revelation that Wired’s February issue is only 3mm thick which is a reflection of advertisers not buying ads, as well as the New York Times’ recent acceptance of a $250 million loan from Carlos Slim.

And it’s not just paper media either. Web advertising is dropping too. Gawker Media recently purged a selection of its low or no profit blogs, including the wonderful website The Consumerist which was saved by Consumers Union (the people who produce Consumer Reports magazine). Of course, was web advertising ever as big of a market as it was heralded to be? (As a web developer, the answer is a resounding NO!)

So how do you think these new and old media outlets will deal with the recession? Do you foresee them adopting the digital distribution method, or holding out on their “tried-and-true” methods? As well, what would you like to see these media companies adopt that might get you back into buying what they offer? What companies do you predict will close up shop, and what companies will survive and get stronger?