Like every other print magazine in the world, Interview continues to have problems.

• It's an ugly day at MySpace. The News Corp.-owned social network is slashing nearly 30 percent of its staff, or 400 people, due to a decline in sales. [BN, PC]
• Protesters in Iran have been using Twitter to keep up with developments on the ground. Now the State Department is stepping in and asking the company to put off a planned upgrade so service isn't disrupted. [Reuters]
• MTV entertainment president Brian Graden is departing the network. [NYP]
• It's official: NBC is dumping Live at Five and replacing it with an hour-long "daily information, lifestyle and entertainment show." [NYO]
• Interview dropped editorial director Glenn O'Brien last week. Now the magazine's parent company, Brant Publications, is suing him for allegedly breaking the terms of his confidentiality agreement. [WWD]

Brant Publications is, predictably, suing former editorial director Glenn O'Brien for trashing the company's reputation.

Earlier this week, Glenn O'Brien, the editorial director in charge of Brant Publications' magazines—Interview, Art in America, and others—left the company. Now O'Brien says the entire company is "going insane."

Polo-playing paper tycoon Peter Brant has had plenty of drama on his plate in recent weeks. His divorce from Stephanie Seymour has only been getting messier by the day. (Last week, the ex-supermodel got into a shoving match with one of Brant's bodyguards at the couple's Greenwich estate; over the weekend, she was issued a summons after another run-in with Brant's staff.) But that isn't the only crisis unfolding in the house of Brant. The convicted felon—Brant served 84 days in prison in 1990 after pleading guilty to tax fraud—is now watching Interview, the art/fashion mag founded by Andy Warhol and which Brant has controlled since the late 1980s, crumble to pieces. And it's all happened under the not-very-watchful eye of the man that Brant appointed to oversee his collection of magazines—his equally scandal-plagued son, Ryan Brant.

Peter Brant seems to be going through the billionaire's version of mid-life crisis. It's been brutal on his second, and soon to be ex-, wife.

Andy Warhol famously said everyone would be famous for 15 minutes; if Peter Brant has his way, everyone will work for Warhol's old magazine Interview for 15 hours. For free.

Newsprint billionaire Peter Brant has reportedly been firing Interview staff left and right, to cut costs. But he still had $50 million for a new 15-passenger private jet, we're told.

Interview magazine parted ways with co-editorial director Fabien Baron just one year after re-hiring him. Baron, who helped relaunch Andy Warhol's title in 1990, may be launching his own publication.

Pictured at left is Andy Warhol with muse Edie Sedgwick in her "notorious... uniform" of black tights and loose-fitting shirt. That outfit is now unwelcome at the magazine Warhol co-founded, Interview, operated alongside two other titles by Brant Publications. A recent memo to Brant staff, occasioned doubt by Gotham's recent burst of warm weather, scolded that shorts had to be above the knee, "of the type that would be acceptable on a golf course," while "tights are not permitted at any time as a substitute for pants." Full dress code letter after the jump.