This analysis by the team at Gigaom has a very interesting conclusion. People spend more time in on-line media, both desktop and mobile, and still the advertising spent is being put more on the traditional print channels.
Obviously, newspapers are all investing heavily in their on-line channels, and working with the advertisers in order to shift the expenditure towards the new media. This also offers some advantages to the advertisers, such as being able to have a better measurement of the effectiveness of the campaigns.
More information on this link: http://gigaom.com/2014/05/29/everything-you-need-to-know-about-the-future-of-newspapers-is-in-these-two-charts/.