No way will they tank. They have too many huge mags that they can survive off of. They will probably have another restructure, fire half or more of the staff, and close most of the mags. The ones they will definately keep would be
EGM (wtf, THE biggest gaming magazine (and those who say gamepro can bite my ass, they dont count

))
CGW (2nd biggest pc gaming mag next to PC Gamer (I think it's larger...)
Xbox Nation (only 2nd to the official xbox mag)
Official Playstation Magazine (huge, duh)
PC Magazine (like 2 million subscribers)
eWeek (another huge mag, especially professionals)
The rest are junk. that yahoo mag, extreme tech, codebook, baseline, CIO insight, etc. They will probably scrap those and dump the staffs (or merge with existing mags). I just don't see how they can go under if they can get some quick financing and keep the big hitters and dump the small worthless mags.
I know that wouldn't work just like that (not that easy), but I'm just saying they have some huge mags and if they can weather this piss ass market, those few mags should keep them in good shape.