Media consumption is at a historic high but advertising at an historic low, says Tim Armstrong

The advertising industry is bracing for a severe pull back on marketing spending. In a recent research note, Moffett Nathanson estimated the ad industry could see $26 billion in lost revenue. Tim Armstrong, founder and CEO of the dtx company and the former CEO of Oath, joins "Squawk Box" to discuss why he thinks the downturn is even worse than in 2008.