Group M, WPP’s media agency, has warned that more newspapers, magazines and TV channels could go to the wall this year as it cut its forecast for the UK advertising market for the third time since December.

“No previous ad recession has put household media names at risk like this one has,” Group M said on Wednesday. “Advertiser demand is set to remain weak this summer, so it is possible that mergers, restructures and closures will accelerate as we move into the fourth quarter.”