• Ben Silverman didn't have much success during his two-year stint at NBC, but that didn't stop him from scoring a super-sweet deal with Barry Diller's IAC. His new venture will reportedly give him $100 million to play with. [NYP]
• Viacom, the media conglomerate controlled by batty billionaire Sumner Redstone, reported that profits plunged 32% in the second quarter. [NYT]
• Struggling McGraw-Hill reports quarterly profits dropped 22.7%. [PC]
• The Daily News and sportswriter Adam Rubin are refuting the claims of Mets management that Rubin tried to get himself a job on the team. [E&P]
• Amanda Hearst has landed a job at Hearst's Marie Claire. It's a miracle! [P6]

• Fifty members of Congress have asked the Justice Department to take a close look at the proposed merger of Ticketmaster and Live Nation. [Reuters]
• Jeffrey Katzenberg would like to bring the magic of 3D to your home. [HR]
• Tina Brown has a few thoughts to share about online journalism. [WWD]
• Verizon reported a 21% drop in second quarter profits and announced plans to cut 8,000 jobs during the second half of the year. [NYT]
• Mayor Mike was deposed for a second time yesterday in a discrimination lawsuit against Bloomberg L.P. He was not happy about it. [NYT]
• Michael M. Thomas has left the Observer, is no fan of Jared Kushner. [P6]
• Crazy cable news clip of the day: Glenn Beck seems to think that President Barack Obama has a "deep-seated hatred for white people." [HP]