Obama wins: media now losing.

After almost two years of non-stop political news coverage and advertising, television viewers finally get a break. No more negative advertising, screaming matches on talk shows, and pontificating pundits pretending they know more than you do about how the world turns.

But while you may feel more relaxed in front of your TV set, those behind the screen are not. The money has stopped flowing. This political campaign was a cash cow for local television stations across the country. A record $250 million dollars was spent just by the Obama campaign on local, cable and network television in just the past five months. All political advertising in this presidential election year is estimated at a record $2.5 billion dollars.

That helped mask a cold, hard reality. Media outlets are losing a record number of advertisers who once spent so much money that owning a TV station was considered a legal way to print money. Retail, auto, airlines, financial services and movies were just a few industries than spent millions on advertising in a strong economy. Now many companies in those industries are fighting for their very survival, so are radically reducing advertising budgets.

And broadcasters are not alone. Those same industries pulling TV ads are also pulling ads in newspapers, some permanently. With what dollars they have left, many companies are embracing the internet. It’s cheaper, and advertisers can quickly measure how well their commercials work.

Here’s a case in point? The Obama campaign spent a bundle on traditional media. But it hedged its bet by also advertising on the internet. Their campaign was about change, in more ways than just politics.

(Brian Banmiller is a national Business Correspondent for CBS News Radio, free lance writer and public speaker. The former television business news anchor in San Francisco can be reached at brian@banmilleronbusiness.com .)