Newspaper marketing dollars continue to dry up. The sad story continues on page B4.

The Newspaper Association of America is reporting that print advertising at newspapers clocked in at $10.5 billion during the second quarter. The 10.2% slide marks the fifth consecutive quarterly dip.

That's not much of a surprise. The presses are running a little lighter these days. Even Playboy (NYSE:PLA) has been posting dips in circulation and ad revenue lately. And financial news giant Dow Jones (NYSE:DJ), which has held up better than most conventional daily publications, is also reacting to the changes. If the Barron's size reduction back in January didn't get you earlier this year, maybe this past weekend's move to bump up the cover price will.

However, the real shocker in the NAA report is that online advertising accounted for just $795.7 million in revenue for the industry. Sure, it's a welcome 19.3% advance over a year ago, but it's such a small line item that it only managed to turn that 10.2% print advertising slide into an 8.6% decline in overall ad revenue for stateside newspapers.

It's no wonder fledgling publications are running to Yahoo! (NASDAQ:YHOO) to help improve their online marketing efforts. It also explains why a company like New York Times (NYSE:NYT) -- which seems to be on par with the 8.5% advertising dip in its latest quarter -- keeps tweaking its online model.

And if you dare to connect the dots between newspapers and news broadcasters, this may also suggest why Time Warner's (NYSE:TWX) CNN recently hooked up with Google (NASDAQ:GOOG) for a multiyear, contextual marketing deal.

In short, news reporting is sinking even as it lunges for internal growth catalysts in the murky water. Online advertising heavies like Yahoo!, Google, and Microsoft (NASDAQ:MSFT) are paddling around in their lifeboats, helping out all but the tired swimmers who deny that we're waist-deep in what will surely be the sixth consecutive quarter of print advertising declines.

Paddling lessons:

Yahoo! and Time Warner are Stock Advisor recommendations. Microsoft is an Inside Value stock pick. Playboy is a Rule Breakers selection. You can sample any or all of the newsletters with a free 30-day trial subscription. 

Longtime Fool contributor Rick Munarriz realizes that trees must be loving this. He does not own shares in any of the stocks in this story. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.