Remember the publisher who leaked Steve Jobs' iPad secrets yesterday? His punishment has begun.

Uh oh: It looks like McGraw Hill's CEO didn't get the memo about how Apple omertà strictly forbids the leaking of any tablet news prior to Steve Jobs' big presentation tomorrow. He went on CNBC and blabbed.

Mort Zuckerman's latest attempt to expand his media empire has failed, it seems. Reuters is reporting the real estate developer and owner of the Daily News and US News has decided to drop out of the race to acquire BusinessWeek, possibly because he sensed execs at the mag's parent company, McGraw-Hill, are more interesting in doing a deal with Bloomberg LP instead.

• 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]

• 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]

• 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]

• McGraw-Hill, which announced recently that it's looking to get rid of BusinessWeek, has now announced plans to get rid of 550 employees. [WSJ]
• Jim Spanfeller, the president and CEO of Forbes.com, either decided to leave the company or was forced out, depending on who you talk to. [DF, NYT]
• As expected, the new Harry Potter movie raked it in yesterday. [THR]
• Donald Trump's long-running libel lawsuit against author (and New York Times business editor) Timothy O'Brien has been dismissed by a judge. [NYP]

McGraw-Hill is currently trying to sell off BusinessWeek, but they'll be lucky to make a buck on the deal. Worse: today the company announced it has laid off 550 people.

• The New York Times Co. is selling its classical radio station WQXR to WNYC Radio and Univision as part of a "complex deal." One thing that isn't complex: The sale will pump a much-needed $45 million into the paper's coffers. [NYT]
• Is Rupert Murdoch planning to buy the Daily News from Mort Zuckerman? That's what some are suggesting, although Mort is denying it. [DailyFinance]
• McGraw-Hill shouldn't expect to make much from the sale of BusinessWeek. In fact, the company may be forced to give the magazine away. [FT]
• Neil Patrick Harris has signed on to host this year's Emmy Awards. [NYDN]
• Russell Brand will be the host of the MTV Video Music Awards. [Vulture]

• Looking to buy a struggling business magazine that's losing advertisers right and left? You're in luck. McGraw-Hill has put BusinessWeek up for sale. [BN]
• The hottest interview in TV-land right now? Bernie Madoff, naturally. [B&C]
• Not such great news for the television biz: Most networks are experiencing a double-digit drop in summer ratings compared to last year. [USAT]
• MySpace is no longer a "place for friends." (That's what Facebook is for.) It's a Web site "for accessing entertainment and related information." [WSJ]
• Former Observer reporter Gabriel Sherman takes a look at Observer owner Jared Kushner in this week's issue of New York. Among other things, Kushner says he found the paper "unbearable" until he bought it. [NYM]
• Brüno's $30 million gross made it No. 1 at the box office this weekend. [THR]

Barry Ritholtz, the feisty stock-market blogger who sparred with McGraw-Hill over a book which criticized its S&P bond-rating unit, has found a new publisher for Bailout Nation.

In his forthcoming book, Bailout Nation, financial blogger Barry Ritholtz sticks some of the blame for Wall Street's meltdown on credit-rating agencies like S&P. McGraw-Hill owns S&P — and now it's not publishing Ritholtz's book.

♦ Details on the layoffs and management changes at Time Inc. [NYP]
♦ More on the demise of Maer Roshan's Radar and its God-awful TMZ-like reincarnation. [NYO, HuffPo]
♦ Fox News has apologized for putting a racist and anti-Semite on the air. [MM]
♦ Noted media expert (and former basketball player) Charles Barkley thinks Fox News is "corrupt." [B&C]
♦ Barack Obama's 30-minute infomercial airs tonight. [AdAge, Politico]

Whatever you do, don't try to boost BusinessWeek's web traffic! Turns out they don't want your stinking clickthroughs. As a recent story subject discovered, should you be inclined to push traffic their way via a direct "deep link" to a story, the McGraw-Hill magazine will even go so far as to ask you not to link to their site, and point you to their snooty user agreement. This is pretty much the dumbest thing we've heard in the last, oh, two hours or so, and after the jump, we'll tell you why.

Anyone at BusinessWeek know how many positions are going at the formerly peppy business magazine? Tip us. (There have been other cuts at McGraw Hill, the parent company, but we don't care quite so much about Aviation Week.)

Was Portfolio's production team projecting just a smidge when they chose to illustrate a column this month about the city's declining commercial real estate market with a "foreclosure"-stamped photograph of the Time-Life, Simon & Schuster News Corp and McGraw-Hill buildings? The buildings house most of Portfolio's big competitors: Time Inc.'s Fortune and Money, as well as McGraw-Hill's BusinessWeek. While we wouldn't put a little petty retaliation past editor Joanne Lippman, a bored (or clueless) photo editor is likely behind this one. Artful art there, kids!