This memo is being made available to my fellow members of the Newspaper Professionals Network and the Local Newspapers group on LinkedIn. It is a memo authored at my request by Kip Cassino, our executive vice president of research at Borrell Associates and former president of the Newspaper Association of America’s Research Federation. I had just returned this week from a meeting with executives from a large newspaper company who had asked what our forecasts looked like for 2012. We’ve consistently been saying that we believe newspaper print advertising will experience a slight rebound (less than 2%), but have consistently been wrong in the timing of that occurrence. The rebound won’t be enjoyed by all, however. The memo describes the circumstances. –Gordon Borrell, CEO.