U.S. newspaper revenues are down big-time when you compare February 2007 to February 2006. Now the big question becomes, is it a trend or a blip?

The NYT's Richard Siklos with some observations about a conference call held by executives with NBC and News Corp. on a new online video service to be launched:

At one point, a reporter for MSNBC posed a question, prompting Peter A. Chernin, the president of the News Corporation, to rib his co-host, Jeffrey Zucker, the chief executive of NBC Universal, that this was one of his employees. “Hi, boss,” the reporter joked.

Soon after that, a writer for TV Guide came on, and Mr. Zucker quickly pointed out that TV Guide was part of the News Corporation megalith. Laughter ensued from Los Angeles, where the executives were that day. The reporter, however, quickly pointed out that Mr. Chernin’s company owned “only 40 percent” of him.

Next, a reporter for The New York Post introduced herself. Again, laughs. Not only is the tabloid owned by the News Corporation, but the paper also has been particularly rough on Mr. Zucker and his company. “All yours,” Mr. Zucker said to Mr. Chernin, suggesting that he field the question.