It is pretty obvious to investors that the Internet has accelerated the decline in print newspaper readership. It is also clear that the Internet is contributing to business model changes (and in many cases outright news/editorial budget reductions) at print magazines.

However, that the Internet would also compel changes in broadcast network news -- and in particular, the nightly network newscast -- might be viewed as less obvious. But that, in fact, appears to be the case.

Already dealing with a cable/satellite channel explosion that's decreased their viewership due to audience fragmentation (basically people have more channel choices), network news now must increasingly cope with the reality that adults tuning in have already seen and/or read about on the web the day's top news stories by the time the nightly newscast airs.

Evidently, "perky" and "likable" aren't what the nation's network news watchers want with their nightly dose of headlines. This is a tough (and expensive) lesson being learned by the folks at CBS Corp. (NYSE: CBS).

Last week, the CBS Evening News, which has been anchored by Katie Couric since early September, attracted its lowest ratings since 1987. During the first week of May, which happens to mark the beginning of the television industry's spring "sweeps" period, an average of 6.05 million viewers tuned in to watch the former Today host deliver the news. Couric is currently the highest-paid news anchor, at $15 million per year.

ABC's World News offering, meanwhile, averaged 8.1 million viewers, while NBC's Nightly News saw 7.5 million viewers tune in. Charles Gibson mans the desk at ABC -- a division of Walt Disney (NYSE: DIS) -- while Brian Williams is the weeknight anchor for General Electric's (NYSE: GE) NBC.

Thank goodness for the CSI franchise and other programs that keep CBS moving at an enviable clip. The network still won the week, earning an average 11.2 million viewers in prime time to top its four competitors.

How do you solve a problem like Katie? According to recent theories from "CBS sources," she may gracefully bow out of her current role following the 2008 Presidential election and take on another position at the eye network. But even that is well over a year away, and there is the potential for plenty of sub-par ratings between now and next November.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

CBS Corp. (NYSE:CBS), whose "Evening News" broadcast trails its competition by a mile, recently named former MSNBC head Rick Kaplan to oversee the show. Anchor Katie Couric better hope that Kaplan brings a magic wand with him otherwise her job could be in jeopardy.

Despite all of the talk to the contrary, CBS has got to be wondering if it made the right move hiring Couric. Her predecessor Bob Scheiffer was doing a great job in the wake of the Dan Rather Memogate debacle. In fact, Couric's ratings are worse than his.

There's no doubt though that Couric faces a double-standard because she's a woman, though I don't think her gender is the reason for her poor ratings. Plenty of women anchor local and cable news shows. People just aren't warming up to her as the "Evening News" anchor. Maybe all of the tabloid gossip tarn shed her once golden-girl image. Whatever the reason, Couric is facing an uphill battle.

As the Associated Press points out, Couric's broadcast is a mess. Kaplan, a skilled producer, can make the "Evening News" more coherent. But if people haven't warmed up to the star anchor now, I am not sure they will once the broadcast is revamped.

If General Electric Co. (NYSE:GE) really wants to boost the faltering ratings at NBC's "Nightly News with Brian Williams," it should bring in Keith Olbermann.

The host of MSNBC's popular "Countdown" show is far from traditional anchor material. He's loud, occasionally obnoxious and extremely In other words, he's interesting and people will watch him even if they don't agree with his political views.

Brian Williams doesn't have to be replaced; Olbermann would serve as a good counter-point to the affable anchor who was anointed by Tom Brokow as his successor. Maybe Olbermann can have a Lou Dobbs commentator role on the show. Something has to be done.

The worst kept secret in TV news is that NBC News plans to fire John Reiss as executive producer of the "NBC Nightly News with Brian Williams" because of declining ratings. That's not surprising. NBC needs to think outside the box -- the TV box that is -- to make the show more relevant. I know that's easier said than done but too much money is at stake for NBC not to take a chance.

NBC, Walt Disney Co. (NYSE:DIS) and CBS Corp. (NYSE:CBS) all count on the news shows to boost their bottom lines. The audience, though old and declining, is too big for advertisers to ignore at least for now.

Morning programs are a much bigger cash cow. That's why ABC was reluctant to send the popular Charles Gibson away from "Good Morning America." The network had little choice but to turn to the 63-year-old Gibson after "World News Tonight" anchor Bob Woodruff got seriously hurt in Iraq and Elizabeth Vargas got pregnant and decided to go on leave. Gibson turned out to be the right move because the program's ratings are surging.

Katie Couric was brought in with great fanfare by CBS and hasn't done much to boost the program's popularity. People seemed to like Bob Schieffer better. CBS brass says they are sticking by Couric, but I question how long that will go on. No one likes to be third in a three-way contest.