First on PRNewser: Following up on a tip sent to us by brother bloggers TVNewser, PRNewser has confirmed that Michelle Wallace and Mary Buhay were let go from multimedia PR giant MediaLink this morning.

Buhay served as Senior Vice President, Corporate Communications and had been with the company since 1993. Wallace was Senior Vice President, Client Services and had been with the company since 1989.

Medialink COO Larry Thomas (pictured) told PRNewser, "It is accurate that Mary and Michelle are no longer with us. We wish them the absolute best."

Elaborating on the company's decision, Thomas stated, "The entire media industry has changed and so have we. What it comes down to is we are now focusing ourselves on new media and other blended communications. As our clients reach out to us to solve new challenges, we are re-evaluating how we operate."

"If you take a look we've actually added quite a few media executives across the country and are still actively recruiting. It's just really as things evolve and the industry changes, media changes with it, and these departures are part of that evolution."

Medialink reported Q1 numbers on Thursday, with revenues down 11% to $7.1 million, from $8.0 million in the same period for 2007. Revenues from media communications services decreased 18.0% to $5.96 million.

Digital continues to show potential, with the Teletrax digital video tracking services increasing 59.2% for the quarter to $1.14 million.

The company has also launched a digital arm, mediaseed.tv.