Two big public media companies, Time Warner Inc. and Martha Stewart Living Omnimedia released their second quarter earnings numbers today, with both reporting revenue declines.

MSLO said revenues dropped to $57.0 million in the second quarter of of this year, compared to $77.1 million during the same period last year. "Lower revenues primarily reflect declines in magazine advertising revenue during a challenging period for the publishing industry, as well as lower merchandising revenues compared with the same period last year largely due to the winding down of our Kmart relationship," the company said. "...Internet and broadcasting segments witnessed solid performance during the quarter."

Meanwhile, revenues dropped 9 percent at Time Warner from the same period last year, to $6.8 billion. The decrease was attributed to lower revenues in Time Warner's publishing, AOL and filmed entertainment divisions, which "more than offset growth" in it networks division, which includes HBO and Turner Broadcasting.

A breakdown after the jump

Revenues dropped in both MSLO's publishing and broadcasting divisions during the second quarter. Publishing revenues were down to $33.5 million from $46.3 million last year, "due to a decline in advertising pages, timing of special issues and lower newsstand revenue," the company said. Operating income was more than halved, down to $3 million during the quarter compared to $7.2 million last year.

The broadcasting division saw less of a drop in revenues -- to $10.3 million from $11.4 million last year -- and operating income actually increased, up to $1.7 million from $900,000 last year.

Revenues were up in MSLO's Internet division -- to $4.2 million from $3.2 million last year -- thanks to a 28 percent in digital advertising revenue during the quarter. Page views also increased 59 percent during the quarter compared to last year, the company said.

At Time Warner, the publishing division saw revenues drop 22 percent to $915 million, "due to declines of 26 percent ($166 million) in advertising revenues, 18 percent ($68 million) in subscription revenues, and 21 percent ($27 million) in other revenues," the company said.

"Driving the decline in advertising revenues were lower print magazine revenues, including the unfavorable impact of foreign exchange rates at IPC," Time Warner added. "Subscription revenues decreased due to the unfavorable impact of foreign exchange rates at IPC and lower magazine newsstand and subscription sales. Other revenues were lower, resulting primarily from decreases at Synapse and Southern Living At Home, partly offset by the impact of the acquisition of QSP, Inc."

Time Warner's networks division saw revenues grow 5 percent, while filmed entertainment dropped 9 percent during the quarter, compared to 2008. AOL's revenues dropped 24 percent, but Time Warner CEO Jeff Bewkes said the company was on track to spin off AOL to stockholders at the end of the year.

"Separating AOL will benefit both companies -- enabling Time Warner to concentrate fully on our core content businesses and improving AOL's operational and strategic flexibility," Bewkes said.