Absolutely, you're correct that it's common. It's really a matter of what you're willing to risk given the facts as you see them. The risk is always there with any job, but it's just greater at some places than others. Layoffs at CNN are fairly common from what I've observed. I've preferred to choose places with a bit more stability and have been thankful to not have to worry about being laid off just weeks before Christmas.

As somebody who has lived in Atlanta for years, works in the industry, and have worked with so many great people who at one time worked at CNN but were laid off, there is a reason why I've never bothered to apply. This is nothing new.