While some of us were off inaugurating the media world continued it’s downward spiral.

Hearst has shuttered Teen, the quarterly magazine that was only sold on newsstands. Sales reportedly dropped 9% in the first half of 2008. However! The website will live on.

Sadly, the same cannot be said for Disney’s three-year-old Wondertime, whose March issue will be its last. The website will also “go dark” however some of its content will find a home among other sites such as FamilyFun.com and iParenting.com.

Meanwhile, InStyle publisher Lynette Harrison will be leaving her post after 7 1/2 years at the magazine. According to MIN the decision was hers and was made for personals reasons (she apparently has a young family). Her departure is contingent on Time Inc. Entertainment/Style Group president Paul Caine naming a successor.