GM), down 17% to $1.29 billion, and media giants Time Warner ( TWX), Walt Disney ( DIS) and News Corp. ( NWS). Cutbacks in movie spending drove those reductions. Procter & Gamble ( PG) led the pack by spending $1.6 billion, up 8% from the same period a year ago, according to TNS Media Intelligence estimates. AT&T ( T) placed third in latest-period spending, after P&G and GM, with $1.18 billion -- a 33% jump. Overall, the outlook for advertising spending, which investors in media companies watch closely, isn't particularly encouraging. Last month, the U.S. Department of Labor said GDP growth slowed to 2.9% in the second quarter from the torrid pace of 5.6% in the first quarter. Spanish-language media showed the biggest gains of any group because of the World Cup soccer tournament, gaining 20.5% to $2.4 billion. Newspapers, magazines and radio all showed declines, TNS says.