No. Not at all.
Of course, we can't deny that newspaper numbers are in decline, that online advertising is the 'must have' at the moment. But the magazine market is still big and surveys show that people still love to read a magazine or a newspaper in bed, at the beach or in the bathroom. Not so pleasant and cosy with a laptop, I would say.
Apart from advertising in magazines – there is much more to print. I am thinking more of all the collaterals in marketing – company profiles, sales brochures, presentation folders, product brochures or outdoor advertising. Print collaterals are powerful tools which can't be neglected just because of the powerful presence and buzz of online advertising.
Don't underestimate the benefits of a positive tactile and visual experience that comes with paperquality and format, colours and the finishing (think varnishing, embossing, die-cutting, to name a few). A monitor can't give that. You won't even get the guarantee that your e-brochure looks the same on two different monitors.
There is a lot of noise out there in the world wide web, but I don't want to say that online advertising is overrated. Not at all, it's an exciting time right now. I only say that well-designed brochures or annual reports, business cards or sales material give a company extra prestige that lasts and is not gone with one click.