As Paul at Infectious Greed states:
I'm not suggesting that the disappearance of the U.S. auto companies represents the end of the ad industry, or that we should care if that is the case. Instead, it's just another interesting way of looking at some of the short-term implications for a related industry.
I'll agree with Paul that it wouldn't mark an end to advertising, but it does provide reasoning that many companies will feel secondary effects in this economic environment. For one, with an advertising slump, maybe Google isn't as "cheap" as many think.