For the third consecutive year, overall time spent with media by consumers is expected to fall, according to the 22nd edition of private equity company Veronis Suhler Stevenson’s annual Communications Industry Forecast. Time spent with media is expected to drop 0.1% this year, to 3,492 hours per person. Blame it on multitasking, among other things. Yet time spent with digital media is on the rise. The gist of the report: Total communications spending is projected to grow 5.4% this year, to $924 billion, making media one of the fastest growing industrial sectors in the U.S. Broadcast TV will eclipse newspapers as the largest ad medium in 2008, while Web ad spending will surpass broadcast TV by 2011.