NBCU CEO Jeff Zucker at the All Things Digital conference in San Diego today: “We have bottomed out.” He says broadcasters may post better-than-expected sales for the upcoming season.

Not time to start celebrating just yet: analysts project broadcast network ads will fall another 10 percent this year to $12.8 billion, while cable advertising will drop 3 percent to $20.9 billion.

Zucker also spoke about some of the issues broadcasters face, that we’ve all heard before: for example, networks don’t make as much money off reruns anymore because the shows are now available online. But Hulu and iTunes, et. al., aren’t making up the difference: “You do have to have 10 businesses like this to make up for the ones that you lost,” he said.