Time Warner Inc. posted a profit of $519 million for the past quarter, down from $792 million in the same period last year.

The company’s broadcast division (Turner Broadcasting & HBO) did fairly well, but gains there were not enough to offset losses in Publishing, AOL, and the Filmed Entertainment divisions. Advertising has been weak all around (which you already know), and that hurts the company.

The AOL spinoff should be completed before the end of the year, at which point it’ll stop dragging the larger company down, and also at which point CEO Tim Armstrong will probably announce another round of layoffs.