As if today's Revolving Door Newsletter on mediabistro.com wasn't depressing enough — buyouts at Sacramento Bee, Kansas City Star, Wichita Eagle, Philadelphia Inquirer and Daily News — comes news from Down Under that Fairfax Media, parent company of the Sydney Morning Herald, will cut 550 jobs, of which 180 will be journalists. The cost-cutting program will reduce the company's workforce by five percent.

The interesting thing about the layoffs isn't their mere existence, but the fact that Fairfax just reported a profit of more than $350 million in 2007 and will save less than $50 million by axing 550 jobs.

"There will be criticism from some, inside and outside the company, that these changes, particularly in editorial, will compromise quality and critical mass in the metro mastheads and their mission. We reject that," chief executive David Kirk and deputy chief executive Brian McCarthy said in an email to staff.

But at least the bottom line will be okay.