Gannett (NYSE:GCI) announced it May revenue results. Nothing in them was surprising.

According to the country's largest newspaper company, "Publishing advertising revenues in May were 14.3 percent lower." Classified ad revenue fell even more, almost 20%. Auto, real estate, and jobs marketing have begun to leave newspapers and financial trouble within those industries has cut their ad budgets to the bone.

The most disturbing piece of new is the report was that at USA Today, advertising revenue was 18.4 percent lower on paid ad pages of 260 versus 324 last year.

USA Today is part newspaper, part daily magazine. It uses color and graphics in a way that is closer to Time, Newsweek, or BusinessWeek than to a typical daily paper. It is also a national product, not local like other papers.

If the country's largest paper, and one of only two papers distributed widely in the USA is in such trouble, it may be a sign that the print ad downturn is moving quickly from newspapers to magazines. Some weekly publications like BusinessWeek are seeing double digit ad drops.

Newspapers may not be the last part of the print publication industry to fall apart.

Douglas A. McIntyre is an editor at 247wallst.com.