• Ben Silverman didn't have much success during his two-year stint at NBC, but that didn't stop him from scoring a super-sweet deal with Barry Diller's IAC. His new venture will reportedly give him $100 million to play with. [NYP]
• Viacom, the media conglomerate controlled by batty billionaire Sumner Redstone, reported that profits plunged 32% in the second quarter. [NYT]
• Struggling McGraw-Hill reports quarterly profits dropped 22.7%. [PC]
• The Daily News and sportswriter Adam Rubin are refuting the claims of Mets management that Rubin tried to get himself a job on the team. [E&P]
• Amanda Hearst has landed a job at Hearst's Marie Claire. It's a miracle! [P6]

Michael M. Thomas — who left the New York Observer after 22 years with a declaration that owner Jared Kushner "stands pretty much squarely on the side of those whom I consider the bad guys" — reflects on the paper.