* Update: The Times' unofficial pressroom blog, which posted the Sam Zell memo formerly quoted below, now says it was a repeat from February. (!) So no, Zell hasn't talked publicly about the cuts expected later this month (that I know of.) I'm taking down the Zell parts of the original post, but leaving the rest....KR

It's been less than three months since the last wave of spending cuts and buyouts/layoffs at the L.A. Times, but they are coming again....Those who can are looking to leave — many of the good ones, anyway. As Mark Lacter reported last night at LA Biz Observed, longtime business reporter Thomas Mulligan is fleeing to Sitrick and Company and assistant business editor Anne Reifenberg is jumping to Bloomberg in Los Angeles. Jim Newton submitted his resignation as editor of the editorial pages earlier this week. And it looks as if the down-to-monthly Sunday magazine will be dropped entirely.

Meanwhile, LATimes.com executive editor Meredith Artley posted another of her rosy memos about viewer traffic: 120 million page views in May, up 50% over last year, with the Top of the Ticket blog luring in 2.6 million page views and the new David Strick photo galleries drawing 3.6 million page views. Top stories of the month, other highlights and a link to the whole thing after the jump:

Top Articles for May:

1. California Supreme Court overturns gay marriage ban (Maura Dolan)
2. Heidi Montag and Spencer Pratt: ‘We're entertainers’ (Kate Aurthur)
3. Clinton faces new pressure on 2 fronts (Peter Nicholas and Janet Hook)
4. 96 arrested in San Diego State drug bust (Tony Perry)
5. At 107, Livermore centennial light bulb is still a real live wire (John M. Glionna)
6. Political world abuzz over Scott McClellan’s tell-all book (James Gerstenzang and Richard B. Schmitt)
7. Fairness, idealism and other atrocities (P.J. O'Rourke)
8. Aaron Eckhart: Not just another pretty face in ‘The Dark Knight’ (Geoff Boucher)
9. California chief justice says same-sex marriage ruling was one of his toughest (Maura Dolan)
10. Obama’s got a confident new strategy (Peter Nicholas)

Top Blogs:

1. Top of the Ticket - 2,633,553 page views
2. Show Tracker - 1,242,868
3. L.A. Land - 1,005,657
4. Lakers Blog
5. L.A. Now
6. Homicide Report
7. Daily Travel & Deal Blog
8. Web Scout
9. Movable Buffet
10. Booster Shots

Top Photo Galleries:

1. Celebrity and sports collide in L.A.
2. Hot Property, featuring Cary Grant’s Palm Springs hideaway
3. Red Carpet Rewind: Cannes ’08 fashion
4. Celebrity shots
5. Foreclosure listings, from Culver City to Pasadena
6. The scene at Cannes ’08
7. Indiana Jones and the Rip-offs of Doom
8. 10 least expensive states for travelers
9. Before they were stars: From Jodie Foster to Angelina Jolie to Lindsay Lohan
10. Skyfarm (Home)

Top Videos:

1. Jackson on Lakers dramatic win over Spurs - 18,273 - (LAT)
2. Kobe breaks down the Spurs - 18,154 streams - (LAT)
3. Tornadoes Part of Wild Southland - 16,285 streams (CNN)
4. Kobe Bryant talks about Game 2 win - (LAT)
5. Kobe Bryant on how the Lakers won the West - (LAT)
6. Sasha Vujacic: 'We have a very deep team' - (LAT)
7. Students buried under rubble after earthquake - (CNN)
8. Phil Jackson: We're pretty familiar with both teams - (LAT)
9. Kobe Bryant on Game 2: “It was special tonight” - (LAT)
10. Kobe Bryant discusses Game 5 - (LAT)

Whole memo