I am your stereotypical Gen Y. Admittedly I'm probably a little more tech savvy and geekier than most but this is how I consume my media.
I do not read the newspaper.
In fact I hardly even read newspaper websites. Instead I read blogs about topics I'm interested in. Some of it is news, but some is also entertainment, therefore removing my need for a newspaper at all. I use RSS to pull everything I want into one area. It doesn't waste my time with articles I don't read and most importantly it's free and for the most without interrupting ads.
I do not listen to the radio.
My iPhone has all my music on it. All of which I downloaded illegally and doesn't cost me a cent. It's as commercial free as Triple J, except all music I love. Through iTunes I download podcasts about news, marketing, comedy and my favourite, Hamish and Andy. Each day they are automatically downloaded and synced to my iPhone. My set up even allows me to listen to my iPhone through the car speakers.
I do not watch television.
What I don't watch on YouTube or what isn't a web series, I download. Again, illegally and again free. 2 minutes after a show has aired in the US it's sitting on my computer, ready to watch how I want and when I want. I sit my bed with my notebook or I watch on the train with my iPhone. I pause it when I want and most importantly, I watch without commercials.
If you're still using these channels to advertise to Gen Y, you're an idiot. And if you're producing media based on these business models, you're fucked....