• 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]

Gossip Girl has courted outrage since its earliest episodes, and once again, right on schedule, outrage has shown up.

On election day, none of our favorite Upper East Siders were doing anything. It was all about their agents, boyfriends, cousins, neighbors, and other hangers on. Politics is supposed to be all about power, but this was just weak.

Peter Braunstein is a convicted rapist and certified psycho with serious mental problems. But he's so tabloid-y! What's his latest crazy celebrity obsession, for the public to point and laugh about? Inside Edition knows!

Our little Serena is finally a working girl, and she certainly looked like one last night. But the scariest thing about Halloween on the Upper East Side is it looks like S is finally gaining some power. Trick or treat!

The celebrity chef and his jilted bride Erica Wang continue to duke it out. No one knows anything about Brad Pitt's motorcycle accident, Lindsay Lohan has a whole new drug, Madonna's kids are skipping school. It's Monday. There is gossip.

The most amazing thing about Chuck Bass kissing a guy wasn't the kiss itself, but when he acknowledges that it wasn't the first time he kissed a dude. Wowza! Chuck's power increased tenfold now that he can seduce both sexes.

Oct. 13 @ 4pm Laughing, walking toward her trailer. Penn Badgley was walking ahead but I totally missed him because I am an idiot and was so taken aback by her beautiful presence. [Submit Gawker Stalker sightings to stalker@gawker.com]

Kim Gordon married Lily and Rufus and it was either the death of cool or the birth of awesome. Now that the heiress and the grunge rocker are joined, what does it mean for the show's power structure?

[Penn Badgley has a lady at his front and Gossip Girl costar Ed Westwick coming up for the rear while on the red carpet for the premiere of his new movie The Stepfather last night. Image via AP]

[Jessica Szohr recycles an old line today on the set of Gossip Girl when a crew member measures himself awkwardly. Image via Bauer-Griffin]

Having Tyra Banks try to act on your show is nuts. Almost as nuts as having an on-air threeway. Gossip Girl is crazy enough to do both, and it always throws the power dynamics into a tizzy. Thanks, TyTy!

[Taylor Momsen gives the camera a scowl when someone tells her she needs to flip her script on the set of Gossip Girl yesterday. Image via Bauer-Griffin]

As my momma used to say, secrets don't make friends, but they make for great enemies and terrific currency. Last night the Upper East Side was full of loose lips, sinking ships, and the most ghetto Southeby's auction ever.

Can you believe that it's taken Tinsley Mortimer this long to get a reality TV show? Well, the rumors are true, and she's headed to the home of all things glorious and sophisticated: The CW.

Those sparks are courtesy of Georgina Sparks, who made her triumphant return last night to lay low the once mighty Blair Waldorf. As all the kids start at college, the power is all out of whack, with some unlikely victors.

What do you do if you're a former fashion writer serving 18-to-life in prison for drugging, and sexually assaulting a former colleague of yours for 13 hours one crazy Halloween? Write lengthy missives to the New York Post, obviously.

Remember when sci-fi movies were about blowing up aliens and attacking Godzilla? Those days are gone, my friend. Thanks to Battlestar Galactica and District 9, the genre now exists to please the intelligentsia. The latest victim, the Star Trek sequel.

A couple of photo agencies posted up-skirt pictures from the set of Gossip Girl showing co-star Taylor Momsen's panties. We've seen worse from Britney and Paris getting out of a limo, so what's the big deal? Oh, she's only 16!

Jessica Simpson hopes a coyote returns her dog. Bill hoped that Hillary would be Al's vice-president. And Jude Law's baby-mama hopes to make a buck. Good morning, and welcome to your Wednesday morning Gossip Roundup!