PR Week has a long list of job losses and cutbacks in the traditional media.
It isn't going to end. They no longer have an effective way to monetize their product. The Internet is taking away the traditional advertising, and at the same time making it impossible to charge directly for content because it gets swiped. A creator cannot even use online advertising to monetize because anything novel will get taken and repeated on other websites, and these will collect the advertising revenue.
A recent NYT story quoted Eric Schmidt (Pres of GOOG) as fearing that if the trusted news sources vanishing, "then the Web itelf would quickly become a 'cesspool' of useless information." Well, he ought to know, having done more than any other person to bring it about.
Initial link from Silicon Alley Insider.