• 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]

Time Inc. carnage: Eleven layoffs at Entertainment Weekly, Business Insider reports. Know more? Email us.

Heidi Montag can't just have any old birthday party, she has to have an extravaganza in her glass coffin and invite all the dueling princesses to come. Drama ensues. But even more exciting than the party is the preparation.

More great news for Goldman Sachs employees: "A whopping 36 times in the third quarter, the firm generated more than $100 million in revenue in a single day just from trading stocks, bonds and other instruments. That translates to 55% of the time, considering there were 65 trading days last quarter. The number of days Goldman traders lost money? Just one." [Crain's]

Protector of feminine virtue TMZ says it's had a homemade sex tape starring attractive but not smart beauty pageant loser Carrie Prejean for months. But TMZ's own sense of decency simply wouldn't allow it to be published.

The movie about how Harvard students Mark Zuckerberg and Eduardo Saverin started Facebook — called The Social Network — is shooting at Johns Hopkins University today, All Facebook reports.

In the annals of international quirk, nothing in recent years has touched more hot buttons than HBO's Flight of the Conchords series. But now that dream could be coming to an end.

It's not the freak occurrence it might seem, Twitter's co-founder submitting to psychoanalysis before a New York crowd. No, this sort of Jungian free-associating is what microblogging was expressly designed to do.

We can't thank the producers at Maury enough for continuing to track down these absolutely insane people with completely irrational phobias. Can you believe that people are actually afraid of cotton balls, raw chickens, and pickles? More after the jump.

Due to a firey Jitney accident on the Long Island Expressway last night, we were not able to watch The City last night. Thankfully we've pieced together the action thanks to some dispatches from our favorite freelance party reporter.

In your completely laid-off Wednesday media column: details on more Time Inc. layoffs and buyouts at People and Essence, Fortune Small Business folds, and various ways that magazine publishers are terrorists.

It's probably not a good idea to have the person who regulary gives you massages be the same person who also performs liposuction on you when the need arises. Thank you. [NYT]

An Italian court has convicted 22 CIA operatives and one Air Force colonel of kidnapping. The CIA grabbed Egyptian imam Abu Omar in Milan and flew him to Egypt to be tortured. This is "illegal" under Italian "law."

Whether or not hedge fund billionaire Julian Robertson was a resident of New York City way back in 2000 may seem like a trivial question. Unless, that is, you work for the New York State Department of Taxation and Finance and you're arguing he did spend the majority of his time in NYC that year and you'd like to see him cough up the $27 million in city taxes he owes.

While five young suspects in the robberies of some of Hollywood's finest celebrity homes have been arrested and await their day in court, one has remained at large, wanted and labeled dangerous by the police. Until today.

Kevin Demaria's posted a whole mess of sad, beautiful photographs of the final days in the office of Gourmet magazine. Junk food abounded. Go see them all. [Last Days of Gourmet]

Hint: When pulling away, always make sure you're in drive... and not in reverse.

Raising a child in our modern world can be expensive, what with their constant nagging for new "Gameboys" and "contraception." Fortunately your child's dewy, youthful innocence can be sold off to a modeling agency, for sweet, sweet money.

DJ AM's Lafayette Street apartment hasn't gone up for sale yet, but his Beverly Hills house can now be yours for $3.795 million. Real Estalker has the photos and details. [Real Estalker]

It's a season for endings and beginnings and new beginnings and final endings and a reboot or two. Today's trades make Hollywood look like one of its own over-handled franchises.