IWantMedia’s summary is about as good as it gets:

This year Google will sell more advertising than any newspaper chain, magazine publisher or television network. By next year Google is expected to have ad revenue of $9.5 billion, placing it fourth among U.S. media companies in ad sales—ahead of Time Warner and NBC Universal.

http://www.nytimes.com/2005/10/30/business/yourmoney/30google.html

http://online.wsj.com/public/article/SB113071868808083821-lHYE_q4_9IruWTJLYMwtu5MWiUs_20061031.html

That sound you just heard was the sound of Madison Avenue shitting bricks.