Conde Nast! Every scrap of news about it is precious, because everyone's afraid that this McKinsey review is just an excuse to gut the once-fancy magazine empire. But! Conde's weakest magazines might even make it through this alive.

• As expected, ratings for Jay Leno's new show are falling fast. [THR]
• Bloomberg LP appears to now be in the lead to buy BusinessWeek. [NYP]
• Dan Brown's The Lost Symbol sold 1 million copies its first day. [NYT]
• Don't try to talk to Vogue publisher Tom Florio about what changes are in store for the mag now that those McKinsey consultants have finished their review. (He's not talking about it.) Meantime, McKinsey's final report will be handed over to Condé Nast's management next week. [NYO, WWD]
• Fox News boss Roger Ailes collected $24 million in compensation last year, which is $2 million more than his boss, Rupert Murdoch, took home. [BW]
• Jay-Z has his 11th No. 1 album. That puts him ahead of Elvis Presley as the solo artist with the most chart-toppers. But he's still behind the Beatles. [LAT]

You've probably heard that these are grim times for Condé Nast. Editors and publishers may be asked to cut spending by 25 percent, further layoffs are expected in the coming weeks, and several other magazines may shuttered entirely. If you're anything like us, you've probably been sitting at home asking, "What can I do to help?" Obviously, you could subscribe to one of Condé's magazines. But let's be honest: A $10-a-year subscription to Glamour isn't going to exactly turn the ship around. One much better way to deliver a few bucks to Condé's bottom line: Consider purchasing one of the fine, overpriced items on sale in the Condé Nast store! Last week, The New Yorker started selling wristwatches featuring the magazine's mascot, Eustace Tilley. But there's plenty more to choose from. A few suggestions below.

Twenty-five percent! One fourth of the whole pie! This scary number's being kicked around everywhere as the worst(?) case scenario for the looming Conde Nast budget cuts. Every perk is being trimmed—even the ones for little old ladies.

In your mawkish Monday media column: Conde braces itself for the coming cutbacks, America hates the media more than ever, Anna Wintour has hated the media forever, as well, and Las Vegas is full of crooks.

• The bad news for Condé Nast now that McKinsey has finished up its summer-long review: Editors and publishers at the company may be asked to trim their budgets by as much as 25 percent. The good news, according to one Condé insider: "This doesn't mean Anna Wintour is going to start taking the bus," nor is the company going to get all cheap "like Hachette." [Crain's]
• Jay Leno's new show debuts tonight on NBC. Will it be a success? A massive failure? Only time will tell, but the stakes "couldn't be higher." [LAT]
• Oprah's ratings are down. And Barack Obama is to blame, apparently. [AP]
• Ratings are down for Project Runway, too. Barack is not to blame. [WWD]
• According to a poll of newspaper publishers, 51 percent think they can successfully get their readers to pay for content online. Optimistic! [PC]
• As if newspapers and magazines don't have enough to worry about these days, a new survey finds that the percentage of people who think journalists are increasingly "inaccurate and biased" is on the rise. [AP]

• It looks like there's a new frontrunner to take over BusinessWeek. Mayor Bloomberg's media company, Bloomberg LP, has bypassed Bruce Wasserstein as the leading contender to take over the McGraw-Hill-owned mag. [NYP]
• After close to three decades at ABC News, John Stossel is leaving the network to join Fox News and Fox Business Channel. [FNC, TVN]
• Not all magazines are closing down or trimming operations. Cesar Millan and IMG have launched a title for dog owners called Cesar's Way. [WSJ]
• There's been an editorial shakeup at O, The Oprah Magazine. [NYP, WWD]
• Will this season be the last for Oprah Winfrey's daytime talk show? [NYDN]
• Graydon Carter appears to have been granted a pass. The Vanity Fair editor reports he hasn't been forced to sit down with the flock of cost-cutting McKinsey consultants now prowling the halls of Condé Nast. [NYO]
• A judge has tossed out a lawsuit by Missy Chase Lapine, the author who claims Jessica Seinfeld ripped off her cookbook last year. [AP]
• According to the Wall Street Journal, "Bonnet books," or Amish love stories, are "a booming new subcategory of the romance genre." Who knew? [WSJ]

Panicked reports are emanating from 4 Times Square about an announcement everyone's expecting in the morning. Perhaps the long-dreaded cost-cutting recommendations from the McKinsey consultants who've been scrutinizing the expense accounts and budgets? Please email if you know more.

• A long list of media luminaries and politicians, including President Obama and former president Clinton, turned out for this afternoon for a memorial service at Avery Fisher Hall in honor of Walter Cronkite. [WP, NYT, LAT]
• Stephen Farrell, a New York Times reporter taken hostage by militants in Afghanistan, was freed early this morning following a raid by British commandos; his Afghan interpreter, however, was killed. [NYT, E&P]
• The McKinsey consultants who have been reviewing operations at Condé Nast are finishing up their work and will be submitting their findings shortly. So what changes are in store for the magazine conglomerate? No one knows for sure, but further budget cuts and a closure or two are entirely likely. [NYO]
• McGraw-Hill, the parent company of BusinessWeek, reports that 93 different buyers have expressed an interest in acquiring the struggling magazine. [BN]

McKinsey consultants are very close to completing their evaluation of Conde Nast and all of its glorious over-consumption. This can only mean one thing: the dismantling of a publishing empire and, also, countless unborn dreams.

Poor Annie Leibovitz can't catch a break! An Italian photographer's suing Leibovitz for allegedly stealing his work and passing it off as her own. Of course, that's hardly the worst thing on her plate right now.

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In an act of publishing cowardice, Condé Nast has gone to extraordinary lengths to prevent Russians from reading a GQ article criticizing Vladimir Putin. As a public service, we're running it here and ask for your help in translating it.

How many star photographers who regularly shoot for Vanity Fair now find themselves in the middle of financial scandal? Two! There's Annie Leibovitz, of course, who was sued last month over a $24 million loan. Then there's François-Marie Banier, the photographer responsible for Vanity Fair's July 2009 cover featuring Johnny Depp, who goes on trial next month in France for allegedly exploiting Liliane Bettencourt, the 86-year-old heiress to the L'Oréal cosmetics fortune, who has handed Banier some $1.3 billion in cash, stock, and art in recent years. Naturally, these things usually come in threes. Watch your step, Patrick Demarchelier!

We got what we expected from alleged Hannibal Lecter stand-in and Vogue editor Anna Wintour appearance on The Late Show: a staid, polite exchange. Regardless, it only made us love Wintour more — and she actually came off looking good.

• Last night's long-delayed premiere of the sixth season of Project Runway—on Lifetime, not Bravo—earned the show its highest ratings ever. [NYT, THR]
• Breathe easy: Anna Wintour's travel itinerary for the fall fashion shows in London, Paris and Milan will not be affected by the recent round of budget cuts at Condé Nast. She'll be staying at the Ritz in Paris, as usual. [NYP]
• The cuts have claimed Condé's supply of coffee stirrers, however. [P6]
• Another member of the Sulzberger clan is joining the New York Times. [NYO]
• News Corp. has been meeting with newspaper publishers to discuss forming some sort of "consortium" to charge people for access to news online. [LAT]
• News Corp. is also in talks to sell its Dow Jones stock market index. [NYT]
• Harvey and Bob Weinstein have a lot riding on the success of Quentin Tarantino's Inglourious Basterds. How is the movie expected to perform at the box office this weekend? Not too bad, per early estimates. [THR]

What, exactly, is McKinsey's strategy for cutting costs at Conde Nast? Having parsed today's worthless anecdotal evidence, we now know: Let Vogue do whatever she likes, and make the poor meek New Yorker staffers suffer to make up for it.

• Don Hewitt, the man who invented 60 Minutes, is dead at 86. [CBS, NYT]
• Those McKinsey consultants at Condé Nast have commenced their work. The first order of business: a review of Vogue and Condé Nast Traveler. [NYO]
• Related: Anna Wintour is "said to have told" Condé boss Si Newhouse that "she would welcome McKinsey to her offices." So welcome, guys! [WWD]
• Nine companies are said to be eyeing BusinessWeek, the struggling title owned by McGraw-Hill. The front-runner, according to the Post's Keith Kelly: financier Bruce Wasserstein, who also owns New York magazine. [NYP]
• Is Fox News going to fire Glenn Beck given all his insane comments and all the advertisers who have since abandoned the show? Alas, no. [DailyFinance]

As information continues to drip out about Annie Leibovitz's disastrous financial situation, her own personal D-Day is fast approaching. What happens on September 8, when her $24 million pawnshop loan comes due?

With McKinsey digging around at Conde Nast, it makes sense that quite a few people are shaking in their Chanel boots, one of which may be Anna Wintour now that the consultants are reportedly "taking an early look" at Vogue.