The American Society of Newspaper Editors and Newspaper Association of America have put together a report, Media Usage: A Generational Perspective (PDF). The findings in the report are based mostly on secondary research but they tie the research in together nicely.

Here are some key takeaways:

1. The Internet is the most important news source for those between ages 18 to 34 (Pew Research Cetner for People and the Media, 2004)
2. When it came to trust, attitudes about the Internet and television were mixed, but newspapers had a higher level of trust among a younger age group (18 to 24) than the oldest age group (35 to 54) (Pew Research Cetner for People and the Media, 2004).
3. More than 40 percent of Internet users, or 60 million American adults, use a search engine on a given day, slightly edging out e-mail as the top daily Internet activity (Pew Internet and American Life Project, 2005).
4. There has been a 27.6% decline in the readership of newspapers between 1994 and 2004 (Pew Reseach Center for the People and the Press, 2004).