• by Erik Sass  @eriksass1, November 4, 2009

Time Warner's total revenues, including its TV, filmed entertainment, publishing and AOL divisions, fell 6% in the third quarter of 2009 compared to the same period in 2008, declining from $7.58 billion to $7.13 billion.

The drop was due largely to declines in ad revenues at the publishing and AOL businesses. Overall, Time Warner's total ad revenues fell 12% in the third quarter, announced Wednesday, from $1.86 billion to $1.63 billion. Total subscription revenues experienced a more modest 1% decline, from $2.58 billion to $2.56 billion.

Time Warner's networks division -- which includes Turner and HBO -- saw a 5% increase in total revenues, from $2.73 billion in the third quarter of 2008 to $2.87 billion in the third quarter of 2009, largely due to a 9% jump in subscription revenues (principally at HBO) from $1.72 billion to $1.88 billion.

This offset a 1% decrease in ad revenues, to just below $760 million, and a 12% drop in content revenues (for example, DVD sales) from $224 million to $197 million. In filmed entertainment, total revenues fell 4% in the third quarter -- from $2.88 billion to $2.78 billion -- due mostly to a 3% decrease in content sales, from $2.8 billion to $2.72 billion (these include movie ticket and DVD sales).

AOL experienced even steeper declines, with total revenues falling 23% from $1.01 billion to $777 million. This was due to a 29% decrease in subscription revenues, which plummeted from $470 million to $332 million, and an 18% drop in advertising revenues, from $507 million to $417 million.

Similar results for the quarter came from Time Warner's publishing business, including Time Inc. Overall publishing revenues tumbled 18% from $1.12 billion in the third quarter of 2008 to $914 million in the third quarter of 2009. This decrease resulted from losses in both subscription revenues -- down 13% to $333 million -- and advertising, down 22% to $456 million.

Last week, unnamed sources at Time Inc. told The New York Times the company plans to cut $100 million in costs -- largely through buyouts and layoffs, which will probably affect 400 to 500 positions.

On Wednesday, The New York Times uncovered a filing with the New York Department of Labor showing the company plans to lay off 280 employees by the end of January 2010. Wednesday also brought the news that Time Inc. is closing Fortune Small Business as part of the overall cost-cutting initiative. Last fall, Time Inc. cut about 600 positions for a total savings of about $150 million.