Even magazines are doing it

Condé Nast, which owns the New Yorker and Vanity Fair among others, told its publishers to trim 5 percent of their staff and cut 5 percent from their budgets. Condé Nast's Portfolio will take an even bigger hit, slashing 20 percent of its staff and publisher only 10 times a year.

Not to be outdone, Time Inc. plans to cut 6 percent of its staff - about 600 jobs. The companies best known properties are Sports Illustrated, People, Time and Fortune. That's about 600 jobs. From the New York Times:

No magazines are scheduled to close, but some are likely to be severely cut back. Ann S. Moore, Time Inc.’s chairman and chief executive, was already planning an overhaul because of the upheavals in print media, but she was forced to speed up those efforts amid the financial crisis and looming recession.