Yesterday, a white person tweeted something horrible. We tend to do that, but this time there was a catch: this white person — Justine Sacco, the global head of communications for the Barry Diller-led firm IAC — was on a 12-hour flight from London to Cape Town, giving the internet an inordinate amount of time to gather its torches.

The mighty rise, and fall, and rise, and fall, and rise again... and fall? Celebueditor and Princess Di necromancer Tina Brown is reportedly not going to have her contract renewed by her financial bosses at The Daily Beast.

One rarely accumulates a net worth of $1.9 billion without breaking the rules. Repeatedly. IAC chairman Barry Diller has agreed to pay $480,000 in civil penalties for anti-trust violations related to his purchase of voting shares in Coca-Cola from 2010 to 2012.

Chelsea Clinton is joining the board of Barry Diller's InterActiveCorp, according to an SEC filing, in between working toward an Oxford doctorate and helping with father Bill Clinton's philanthropic endeavors.

Leave it to seasoned mogul Barry Diller to have the smartest take on the cashiering of TechCrunch founder Mike Arrington: AOL "destroyed" TechCrunch's voice, the IAC chairman said, and editorial director Arianna Huffington should have been told to "shut up and go back to your room" when she raised concerns about Arrington's ethics.

Barry Diller's new website Proust.com connects seniors with young "family members and close friends" who want to interact with them. This is a type of situation Barry Diller is something of an expert on!

Recently departed IAC chairman Barry Diller only has 57 Facebook friends, mostly CEOs and moguls. He defriended two people yesterday, including one of his pretty boy travel companions, Bryan Fox. But one comely gay made the cut. Meet Arturo Diaz.

Barry Diller—a man who seemed positioned to reign opulently over his IAC media empire for years to come—announced this morning that he's stepping down as CEO of IAC.

Credit where it's due: Barry Diller knows how to vacation. The IAC boss is tightfisted at headquarters, but his holidays are plenty decadent. There's the corporate jet; the giant boat; tropical beaches; and a set of young blonde twins.

Managers at IAC aren't feeling very thankful toward their happy-go-lucky leader right now: They found out just this week there will be no raises or bonuses for the third year in a row. So now they're dishing about his perks.

Ask Jeeves has been dismissed from the search business. The virtual internet butler can at least share his shame with overlord Barry Diller, who is surrendering to a company that treated him little better than a servant.

Best paid CEOs of the decade: Larry Ellison and Barry Diller. Best performing: Not them.

Barry Diller runs a virtual harem of internet properties at his IAC, but every year he flirts with other startups at the Sun Valley mogulfest. The question this year: Will Diller finally dump Ask.com — and who will he insult?

Former Star editor Bonnie Fuller left the celeb magazine world to start a wondrous vapid celeb website. Now, WWD says former Us Weekly editor Janice Min is working on a website of her own. Can she avoid post-magazine online doom?

Tina Brown, legendary magazine editor, rules over the Daily Beast just like she did her magazines: arbitrary deadlines, grueling "closings" and reams of printed proofs. Her glossy approach to the Web is, naturally, driving staff insane.

Everyone got crunk at the IAC/College Humor/Daily Beast X-Mas party. Did you? Did Julia Allison? Know what a "walk off" is? The Elle party apparently does, so suckit, Vogue. VICE/VBS.tv? And what about this here website's shindig? Party roundup time!

Ricky Van Veen announced the production schedule for his brand-new TV studio, and it would appear the CollegeHumor founder believes the future of the small screen lies in the past, because he's unleashing a mess of game shows.

As an NBC chairman, Ben Silverman once mingled with true media titans. But now the fallen mogul rolls with a different crowd; we hear he's besties with CollegeHumor editor-in-chief Ricky Van Veen. Now they might be in business together.

A close-up view of Barry Diller's palace, the IAC Building in West Chelsea, makes things look a little shaky. Image via Bob Jagendorf's Flickr]

• 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]