Online spending hits quarterly high

U.S. spending on Internet advertising hit a new high for the 10th consecutive quarter during the first three months of the year, a trend that has enriched online powerhouses such as Google Inc. and distressed other more established media like newspapers.

First-quarter Internet ad volume totaled $4.9 billion, a 26% increase from the same time a year earlier, according to the Interactive Advertising Bureau and PricewaterhouseCoopers.