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

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