According to Statistica and Mashable, Google pulled in more ad revenue than ALL of U.S. print media in the first half of 2012 (see Mashable article for chart: http://on.mash.to/SHZkcR). A few things to point out: this is global Google vs. U.S. Print Media and it does NOT include ads on newspaper websites, such as www.nytimes.com.
That said, this is still an incredible milestone, and it underscores how quickly industries can change with innovation. Google is just 14 years old, and advertisers still arguably underspend on internet advertising. While television has held up relatively well, I think it's fair to say that cable providers, set top boxes, and the networks need to step up their game with addressable advertising or else they are likely to face a similar fate.
To be fair, I think TV is in a more defensible position than print media is/was. Rather, I think we'll start to see incredible innovation in the television advertising market, especially now that Google is already a player in the set top box market with their acquisition of Motorola, which was not necessarily just an Android play.
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