While no one can come to an honest conclusion about the life or death of print journalism&#151earnings for the New York Times plummeted 48 percent, but profits for the Financial Times rose 15 percent&#151there is one media industry that does not seem to be suffering.

It’s hard to debate the relevance of online media today. Last month Gawker drew 297 million pageviews&#151up 34 percent from last February’s traffic numbers. “We don’t have a single weak site,” crowed publisher Nick Denton. “And I’m not even going to tell you how much our ad revenues were up in February.”

This might lead one to believe that the safest place to be in media right now is online. Yet last fall Gawker laid off 14 percent of its editorial staff&#151supposedly in anticipation of an “exceptionally difficult” 2009. So even if ad revenues are up and traffic is not just holding steady, but growing, media jobs are still not secure.