• McGraw-Hill, which announced recently that it's looking to get rid of BusinessWeek, has now announced plans to get rid of 550 employees. [WSJ]
• Jim Spanfeller, the president and CEO of Forbes.com, either decided to leave the company or was forced out, depending on who you talk to. [DF, NYT]
• As expected, the new Harry Potter movie raked it in yesterday. [THR]
• Donald Trump's long-running libel lawsuit against author (and New York Times business editor) Timothy O'Brien has been dismissed by a judge. [NYP]

• According to a new poll, 60% of adults say they use the crappy ads shoved into newspapers "to help plan shopping or purchasing decisions." Who these people are we don't know, but take the good news where you can get it. [E&P]
• The new TV ad for CNN that claims it's "No. 1"? Yea, not so much. [LAT]
• So who's winning, Letterman or O'Brien? Letterman, it seems. [DHD]
• Steven Spielberg's DreamWorks has secured $825 million in funding. [THR]
• Ryan Seacrest jumped from William Morris to CAA because the former wouldn't give him a discount. As if Seacrest really needed one. [DHD]
• Today's Emmy Award nominations: some snubs and surprises. [LAT]