flickr: nDevilTV

We admit, the news coming out of the media world has been rather uplifting lately. We’ve even found ourselves smiling a bit more when reading, say, the morning’s Fishbowl. But is it all really coming up roses? Maybe not.

FOLIO’s Jason Fell explains. Sure, he writes, companies are reporting earnings or at least smaller losses, and that looks good. But consider how the earnings were reached: massive cuts, frequency reductions, outsourcing, and—have we forgot to mention?—massive cuts.

“For instance, struggling Playboy Enterprises reported a net loss of only $1 million through the first three months this year, compared to a $13.7 million net loss during the same period in 2009,” says Fell. “But let’s not forget all the layoffs, the frequency reduction and how it farmed out all but the editorial operations at the magazine to American Media Inc.”

Paper prices are rising, too, which hurts those who are still using *gasp* paper.

So while the numbers look good, let’s remember that numbers aren’t always the whole story.