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♦ Michael Wolff's biography of Rupert Murdoch goes on sale tomorrow, as you probably know thanks to the torrent of coverage over the past couple of days. Among the juiciest bits: Murdoch despises Bill O'Reilly, his wife Wendi Deng occasionally reads his email, and he's fond of sleeping pills. [NYT, Gawker, Politico, NYO, Portfolio]
♦ The third quarter of 2008 was a punishing one for newspapers. Ad revenue plunged 18.11 percent, the steepest decline in four decades. [E&P]
♦ Tina Brown's pick for host of Meet the Press: Rachel Maddow. [TDB]
♦ Four Christmases was No. 1 at the box office over the weekend, racking up an estimated $31.7 million in ticket sales. [THR]

♦ Confirming the rumors from a week ago, The Huffington Post says it raised $25 million from Oak Investment Partners. [AllThingsD]
♦ CNN is launching a wire service to compete with the likes of the AP. [NYT]
♦ Bizarrely, a survey of college kids finds that their favorite magazine is Time. [AdAge]
♦ Local TV anchors are the latest victims of the recession as stations reduce costs. [NYT]
♦ CNBC is enjoying great ratings thanks to the financial crisis, but it's also cutting back and slashing as much as 10 percent from its budget. "People at the network, says one staffer, 'are scared s—-less.'" [B&C]
♦ It seems 30 Rock is officially out of famous people to make guest appearances on the show. Larry King just taped a cameo that will air in January. [TVWeek]
♦ Did you catch a shirtless Anderson Cooper frolicking in a pool with Michael Phelps? Here's the video. [Jossip]