BusinessWeek employees are waiting to hear if they’ll have jobs once Bloomberg takes over the publication, and I’m told that staffers expect to hear their fate shortly after Thanksgiving. That has to be unnerving, but I can at least offer a little bit of comfort in the worst-case scenario employees would be facing had they been purchased by private equity firm ZelnickMedia. The short version: Almost everybody gets fired.

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Doesn’t anyone want to cover the media beat anymore? First, BusinessWeek’s super-sourced Jon Fine departs for a six-month globe-hopping sabbatical. Now the New York Times’s Tim Arango is leaving town as well: Instead of writing about moguls and mergers, he’ll be reporting from Iraq.

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Every year, media moguls gather at the Allen & Co. Sun Valley conference to listen to each other gab, parade around in casual wear and occasionally make deals. And for the last several years, the New York Times has provided excellent on-the-ground coverage, usually via Dealbook’s Andrew Ross Sorkin. Not this year.

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My former co-workers at Forbes are convinced that another round of cuts–it would be the third since November–is coming to the publisher. This won’t assuage their fears: High-profile investor Roger McNamee of Elevation Partners is stepping down from Forbes board and giving his seat to a member of his company’s “cost-cutting team.”

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More than you think. Or more precisely, they all have former media bank bigwig Steve Rattner in common.

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Sure, fabled magazine publisher Condé Nast has been forced to shutter magazines and trim its staff. But now you know things have really gotten dire: They’re cutting back on cars. Top Condé editors are eschewing the use of chauffeured autos to make their way across Manhattan and beyond. Alas, that kind of cost-cutting likely won’t stave off another round of layoffs.

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Condé Nast is reportedly “having the worst year of any publisher,” the New York Post reported last month. So, the fact that that CEO Chuck Townsend sent out an all-hands memo entitled “Managing Through Challenging Times” must have sent a shiver through the magazine empire this afternoon. The good news: He doesn’t mention layoffs or reorgs. The bad news: He warns of “difficult decisions” ahead.

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What happens when you pay a whole lot of money for a newspaper as the newspaper industry is in freefall? You have to make an embarrassing admission to shareholders a year later. Last week, we saw News Corp. go through this exercise when it wrote off half the value of the $5.7 billion it spent on Dow Jones and The Wall Street Journal. Now it’s Cablevision’s turn: The Long Island-based cable company is writing off as much as 70 percent of the $650 million it spent on Newsday last year.

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Longtime Rupert Murdoch fan Rich Greenfield says he’s worried that money losers like Dow Jones will pull News Corp. down, and cut his rating to “sell.” Perhaps this will cheer him up: The Wall Street Journal is reportedly bracing for layoffs next week.

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Too bad the New York Times waited so long to start selling off real estate on its prized front page: It could be a real moneymaker for the paper, which desperately needs one.

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There are way too many media people who have lost their jobs in recent months. But only one who got as much ink as Paige Ferrari, a 26-year-old former editor at Radar Magazine. That’s worked out well for her.

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If you had any romantic notion that the beginning of holiday season meant an end to media layoff season, think again. This looks to be a particularly bad few days at Time Inc., where many of the magazines that asked workers to quit last month will now be firing them instead. But there are cuts, or planned cuts, coming to all manner of media companies.

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Time Inc. is cutting something like 600 employees, but for the past few weeks it has been doing so in small steps: 10 here, 30 there. That will change today when up to 250 people at Time Warner’s magazine unit are expected to get pink-slipped. Leaving the company along with them, executives from Cooking Light and Southern Progress.

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Another day, another few dozen firings at Time Inc. The Time Warner publishing unit let more than 30 people go from its Essence and Entertainment Weekly titles yesterday. That brings the total body count to about 250, which means that CEO Ann Moore still has a long way to go before she gets to her rough target of 600 job cuts this year.

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Despite rumors, the co-CEO of Martha Stewart Living Omnimedia Wenda Harris Millard says she’s getting along just fine with Martha Stewart and isn’t going to run Microsoft’s online unit. So who is?

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