Net ad spending closing gap on newspapers in U.K.

More money will soon be spent on Internet advertising than national newspapers in the United Kingdom, according to an article in Monday's Financial Times.

"By the end of 2007, Internet advertising will close the gap on regional newspapers, the No. 2 medium, but will still be well short of television, the biggest outlet in the 12 billion-pound--a-year ($22.6 billion) media advertising market," the article said, citing a report from GroupM, a WPP holding company.

The report estimates that the Internet will take 13.3 percent of the total media advertising spending, just above national newspapers but below television.

In the United States, Internet advertising revenues reached a new record of $3.9 billion in the first quarter, up 38 percent from a year ago, the Interactive Advertising Bureau said on Tuesday.

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