The Globe and Mail is reporting on an Ipso-Reid survey that the typical teenager now spends slightly more time on the Internet surfing than watching TV. 

This will drive major changes in advertising and traditional broadcast since, as it says in the report, 18-34 year olds are considered to generally have the largest amount of disposable income.  Traditional media (terrestrial television and radio) advertising budgets will continue to shrink.  Look for networks (NBC, ABC, CBS, HBO etc) to increasingly move to being content providers rather than broadcasters. 

There was a lot talk about this kind of change back in the dotcom boom of the '90's.  It prompted the whole Bell Globemedia creation, for example. 

As is customary, those types of actions were way too soon.  Many people in traditional media industries now laugh it off like it was some kind of crazy fever everyone was infected with.  Since its actually happening now most companies will probably ignore it.