Many corporations have benefited from lower taxes, which have made discretionary income available for advertiser spending.

Even so, advertiser spending has not declined.

He said this projection comes after a strong year in 1988, as advertiser spending has risen 7.9 percent, to $118.3 billion.

Most significant, he said, is the recent spate of retail mergers, which have forced companies more burdened with debt to cut advertiser spending.

The main crux cited for the financial troubles is the lack of advertiser spending.

At the same time, the company anticipates a slowing in advertiser spending for the fourth quarter, so its operating earnings are likely to be depressed.

Revenue, which benefited from strong advertiser spending, rose 6.7 percent, to $6.05 billion from $5.67 billion.

There was one other ominous omen: advertiser spending was plummeting.

Audience fragmentation has hurt many stations, and advertiser spending has been disappointing.

Several retail chains have closed there, severely curtailing advertiser spending.