♦ Cuts have arrived at Hearst: Cathie Black (left) is "going floor by floor at the Hearst Tower to trim costs and staff positions." [WWD]
♦ Lloyd Grove talks to Tina Brown about her new site and the economic climate: "It's pretty scary. It's scary, scary, scary." [Portfolio]
♦ The New York Times Co. reported profits fell 51 percent for the quarter amid the drop in advertising sales. Traffic to the Times website, however, is up. [Bloomberg, AP, NYO]