The Seattle Post-Intelligencer's website is losing relevance and readers without the accompanying print version, the Times Co. posted devastating earnings this morning, and Michael Wolff has more repetitive predictions of doom for the entire industry.

• The New York Times Co. lost $75 million in the first quarter, or 52 cents per share. Ad revenue dropped 27 percent, and Internet ad revenue dropped 8 percent. [New York Times Co. via Gawker]

• Media pundit (and New York alum) Michael Wolff predicts that in five years, Time Warner will be no more — and that in eighteen months, 80 percent of newspapers will be dead. [NYO]

• The Seattle Post-Intelligencer's website, now the only remaining segment of the former newspaper, is steadily losing online readers. [E&P]

• Surface magazine has reduced its staff. [Gawker]

• Other exciting media-related earnings reports: Time Warner lost $13 billion last year. CBS, $11 billion. Gannett, $6 billion. [Paid Content]

• Delivering a lecture at Yale, Financial Times editor Lionel Barber said it’s the best and worst time to be a financial journalist: "The best, because we have a once-in-a-lifetime opportunity to report, analyze and comment on the most serious financial crisis since the Great Crash of 1929. The worst, because the newspaper and television industries are suffering, not only from the cyclical shock of a deep recession but also from the ongoing structural shock powered by the Internet revolution." [Romenesko]

• Even some high-school newspapers are shifting to primarily online content. [Chicago Tribune]