Microsoft CEO Steve Ballmer says the advertising market for traditional broadcast and print media has permanently shrunk, according to The Guardian's coverage of his speech to the Cannes Lions International Advertising Festival.

Ad revenue that went to digital is gone, he said. "I don't think we are in a recession, I think we have reset," he said, according to the story. "A recession implies recovery [to pre-recession levels] and for planning purposes I don't think we will. We have reset and won't rebound and re-grow."

Ballmer was named media person of the year at the festival. He predicted that within 10 years, all traditional content will be digital, but newspapers publishers are not making serious revenue from their digital products, according to The Guardian. He said the only company making money is Google.

He went on to say that for media businesses to succeed they have to be able to mix context and relevance that suits advertisers, rather than just replicating a print newspaper online.