• The cuts continue at Time Inc. Fortune Small Business was shuttered today. And as many as 500 employees may lose their jobs when all is said and done. Meanwhile, parent company Time Warner reported a drop in revenues and earnings in the third quarter, as expected. [NYT, WWD, AdAge, NYP]
• Profits were up at News Corp. thanks to its film, cable, and book units. [BN]
• The publisher of Marie Claire has jumped over to Vogue. [NYO]
• Fox News came out on top in the ratings with its election night coverage. CNN performed miserably, dropping down to fourth place. [NYT, Politico]
• WNET is giving employees off between Christmas and New Year's. It's not to be nice; it's designed to cut costs since the days off are unpaid. [Crain's]
• A theory as to why Tom McGeveran quit the Observer. [Daily Intel]
• Highlights from last weekend's Tribeca Film Festival, Doha edition. [Vulture]

• Martha Stewart Omnimedia reported crappy earnings today. [Reuters]
• Gordon Ramsay has signed up to do another cooking show for Fox. [AP]
• IAC may fold College Humor into Ben Silverman's new venture. [AdAge]
• Vogue's Anna Wintour has been named to the President's Committee on the Arts and Humanities. Totally meaningless, but cool-sounding! [WWD]
• The idiotic Parents Television Council is making a big fuss about a scene in an upcoming episode of Gossip Girl. Meanwhile, others are wondering if (and why) the show's "enchantment has worn off." [AP, NYDN]
• Glenn Beck had an appendicitis today. Karma's a bitch, etc. [Gawker]