o magazine*Oprah Winfrey has had a bit of a rough business season with downsizing at OWN and now her popular magazine is taking a plunge.

According to reports, “O,” “The Oprah Magazine” is down millions of dollars in advertising sales in comparison to last year.

The Association of Magazine Media reports that ad sale revenue was $48.8 million in 2011. However, this year ad sales are at a low of $34.2 million, which translates to a decrease of 24.1 percent. The magazine’s newsstand sales have also been declining as of late.

According to the Audit Bureau of Circulations, in the second half of 2011 sales declined by a whopping 32 percent, while on average the decline with other major magazines was merely 10 percent.

Could Oprah’s “O” join OWN in laying off personnel and “restructuring?”