Today’s example doesn’t come from a magazine per se, but from the company’s digital group, which let go of “more than” 15 people, MediaWeek reports.

You should see a trickle of these reports in the weeks to come, and from other publishers as well: Employees at Time Warner’s (TWX) Time Inc., for example, are bracing for cuts this fall, or in early 2010, and my former colleagues at Forbes expect to hear about another set of layoffs in the next week or so. And whoever wins the bidding for BusinessWeek will almost certainly take an ax to that company’s payroll.

Time Warner’s AOL can spin positive news out of the miserable results it offered up today: Our wounds are self-inflicted, and we can heal them.

But Ann Moore, who runs Time Warner’s Time Inc. publishing business, will have a tougher time selling that story to investors. Her magazine company performed as badly as the rest of the industry did in the last quarter.

Time Inc. saw ad revenue drop 30 percent in the first three months of 2009, which corresponds roughly to the 26 percent drop in ad pages the overall magazine business recorded during the same time.

That drop is much worse than industry executives had braced for last fall when nearly every publishing company, Time Inc. included, made a round of layoffs. And as this quarter’s miserable numbers trickled in, publishers from Forbes to Condé Nast have made a second round of cuts to adjust to the new reality.

Time Inc. hasn’t done so, or at least not in a significant manner. But it may have to. One suggestion, offered to me by a Time Warner (TWX) executive yesterday: “Time has way too many magazines. They should fix that.”

For the record, Time Inc. has “more than 115 titles” world-wide.

So says Barclays Capital analyst Anthony DiClemente, who probably isn’t going out on a limb here. Yesterday’s cuts from Viacom (VIA) and GE’s (GE) NBC–850 and 500 jobs, respectively–are actually “small in aggregate,” he argues. So who’s next?

Pretty much anyone that hasn’t made significant cuts will have to do so soon, DiClemente says. He singles out Disney (DIS), and specifically “its underperforming divisions, including the ABC Network” as a logical candidate. But DiClemente doesn’t get any more specific about the number of people he thinks Disney will or should fire, other than noting it has a lot of workers (see Barclays chart below; click to enlarge). I’ve asked him for additional color and have asked Disney for comment, as well; not holding my breath, though.