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Nick Veronis, managing director of Veronis Suhler Stevenson, says he doesn't see a “dollar for dollar” transfer between incumbent media in the local arena and their Internet offspring, but publishers are in a position to make money online. “The big beneficiary of the 'obstruction' is the advertiser,” he says.

Veronis adds that it is a very good time for entrepreneurs to raise money and monetize their local investments. But the climate is not so golden for investors. “Valuations are very high right now,” he says.

Still, he is intrigued by “pre fab” video advertising production and media buying models such as Spot Runner, which he sees as “the Charles Schwab of online advertising.” Nothing the success that VSS recently had selling Clipper coupon publications, which provide advertisers with high-gloss packaging, Veronis says that if “Spot Runner sees even a fraction of the coupon books’ business, “they'll see tremendous traction.”

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