It’s not cheap to downsize. According to Time Warner’s 10-K filing, the company had restructuring costs of $359 million in 2008, “primarily related to various employee terminations and other exit activities.” That compares to $262 million the year before. The filing indicates that most of the layoffs (and about two thirds of the costs) were at the Time Inc. and Warner Brothers units.

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Though the company spent about $100 million more on restructuring in 2008 than in 2007, it laid off many more people in 2007—4,400 vs. 2,800. That would suggest that it sacked more junior, lower-paid employees in 2007, though the 10-K didn’t go into that kind of detail.