While much of the world's negative media news is generated in North America and Europe, the printed press in Latin America, along with Asia and Africa, continues to develop.

Circulation in Latin America increased 5.1 percent over five years. And though newspaper advertising revenue was stagnant during the global downturn in 2009, it had increased 65 percent over a five-year period, and still has room for expansion.

Digital advertising is set to overtake print advertising revenues in Europe and North America in the near future, but isn't even close to doing so in Latin America. Since digital revenues will never replace the revenues lost to print, maintaining print revenues as long as possible is good for Latin American newspapers.

But they shouldn't become complacent and hope that print circulation declines will never occur. "Latin America should not just relax and say, 'it's never going to get here,'" Mr Riess says. "But you have more time in Latin America to prepare for digital changes, and this is an opportunity to learn from the good and bad experiences from other regions."

Mr Riess said Latin American newspaper companies had good opportunities for growth for the following reasons:

- The overall economic situation is improving, with GDP growing;

- Advertising revenues in  newspapers still has room to develop;

- Circulation revenues are stable;

- Cross-media strategies are developing.

- Mobile penetration rates provide opportunities for paid content;

- With print revenues providing the bulk of revenues for the foreseeable future, there is time to develop successful digital strategies.