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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Just in case anyone thought Time Warner had any lingering interest in NBC Universal, this ought to put it to rest: Time Warner CEO Jeff Bewkes just compared the proposed Comcast/NBCU deal with the disastrous one his company made with AOL nearly a decade ago.

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Heavyweight media investor Gordy Crawford–who happens to own a big chunk of Time Warner–says the conglomerate plans to dump its magazine business. But I get the sense that Jeff Bewkes and company plan on keeping at least some of the unit’s iconic titles.

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Some Web optimists dream of a day when citizen journalists armed with cellphones, blogs and Twitter accounts will step in for Big Media. But who’s going to spend many months and lot of money tracking down a single story about a doped-up baseball player–let alone stuff that really matters?

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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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At least some of the Time Inc. employees awaiting their fate finally got some news today. Managing editors at five of the magazine group’s titles that employ Newspaper Guild members–Time, People, Sports Illustrated, Fortune and Money–sent out memos asking for volunteers for a buyout program. That will reduce headcount by about 100 people, but there will be more cuts coming over the next few days and weeks.

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