The television networks are up against a perfect storm: Ratings stink; piracy is rampant, as viewers migrate to the web; and now, thanks to this little credit crisis, advertisers are expected to cut ad spending or cancel buys.
"If credit is frozen, advertisers can't get the financing to fund day-to-day operations, which leads to cuts on discretionary spending for things like advertising," says Anthony DiClemente, an analyst with Barclays Capital.