I don't think that print advertising is dead. Not because it is the hottest form of advertising means that is dead. It's not even in the state of "dying". I think who ever said that is just promoting an online advertising brand. :)
I is not dead, at least not yet. But I am almost certain that it is going to die, maybe not in our lifetime but soon. If you come to think of it print advertising undergoes a very long and tiring procedure. There is drafting, layouting, editing, printing and delivery, now there are a lot of time and effort wasted in those process and if you compare it into online advertising's steps: click, click, approve then the ads will appear.
Online advertising defeated Print Advertising with 10 homeruns to none. :)