Last week the well-respected interim editor of the Observer, Tom McGeveran, quit in mysterious circumstances. New York Mag tells a tale of feuds and (media) hit jobs that might offer some explanation.

• Tom McGeveran took over as editor of the Observer after Peter Kaplan made his exit this spring, but now he's headed out the door as well. [NYO]
• Layoffs: The cuts at Condé Nast continue though they should end soon; the layoffs at Forbes this week were deep ones: 1 in 4 editorial staffers were let go.
• Newsday's website erected a pay wall today. Good luck with that. [E&P]
• The Michael Jackson movie This Is It sold $2.2 million in tickets on its opening night, which is pretty good considering it was a Tuesday. [LAT, NYT]

Tom McGeveran, who took over as editor of the New York Observer after longtime editor Peter Kaplan left earlier this year, told his staff today that he's leaving the paper at the end of the year. Who can blame him?

Ivanka Trump is having a book party! Where? Trump Tower, of course. Who's sponsoring? Trump Vodka, natch. Who do sales of The Trump Card at the event benefit? Oh, the Eric Trump Foundation. Talk about keeping it in the family!

• Condé Nast editors and publishers may be forced to cut their budgets by as much as 25% now that the consultants reviewing operations are completing their tour of duty. Not surprisingly, "significant layoffs" are expected. [NYO]
• More trouble for Harvey: The Weinstein Co. says it plans to cut 35 additional positions at the film company over the next month or so. [THR]
• A new bidder for beleaguered BusinessWeek appears to have emerged in ex-BMG chief Strauss Zelnick and former WSJ publisher Gordon Crovitz. [BW]
• WSJ, the glossy owned by the Wall Street Journal, is expanding [WWD]
• The CW is planning a reality show about what it's like to be a Virgin flight attendant in search of "good times, great parties, adventure and love." [Wrap]
• Mark Consuelos (or Mr. Kelly Ripa) has been given the boot by Oprah. [NYP]
• The Observer is moving from the Flatiron district to a Jared Kushner-owned building in Midtown: "If I'm paying rent, I'd rather pay it to myself." [NYO]
• Eight out of ten Americans say they would oppose any plan to spend tax dollars to bail out failing newspapers. You're shocked by that, we're sure. [E&P]

In your wonderful Wednesday media column: the NYO's getting a new home, the WaPo redesigns its magazine, Michael Moore has fancy party, and Katie Couric meets Glenn Beck and they totally make out (or do they?).

• Tyra Banks is launching a web-based magazine. Tyra: Beauty Inside & Out will feature an "audio 'manifesto' that asks readers to dream big, ignore the haters, celebrate uniqueness and seek the beauty in everything." [WWD]
• James Patterson has signed a 17-book deal with his publisher, Hachette. And all 17 of them will arrive in bookstores before the end of 2012. [AP]
• All the competition online appears to be taking a toll on the Zagat guide series. Sales are down and the company has been laying off staff. [NYP]
• It was a mixed bag for Hollywood studios hoping for a big summer box office. Revenue was up 2 percent, but attendance fell 2 percent, too. [NYT]
• The Final Destination and Inglourious Bastards came in at No. 1 and 2 at the box office this weekend, beating out a handful of newcomers. [LAT]
• Following in the footsteps of the Wall Street Journal and New York Times, USA Today is the latest newspaper to launch an online "wine club." [E&P]

Intrepid reporter John Koblin of the New York Observer caught Anna Wintour at the U.S. Open watching her crush Roger Federer's match against Lleyton Hewitt. He asked Wintour the two don't-ask-don't-tell talking points on everyone's mind: McKinsey and Federer. Results?

Back in April we floated some rumors that NYC's youngest media mogul Jared Kushner was anxious to extricate himself from owning the New York Observer. Now, we hear, Kushner's still searching for ways out.

• Charlie Gibson is retiring as anchor of ABC's World News Tonight at the end of the year; he'll be replaced by Diane Sawyer, who is stepping down as anchor of Good Morning America to take the job. And now Brian Williams will soon be the only man anchoring a nightly network newscast. [NYP]
• The 66th installment of the Venice Film Festival kicked off today. [THR]
• Thanks to the success of Royal Pains and Burn Notice, USA has scored the highest summer ratings in the history of cable television. [B&C]
• Current TV's Laura Ling and Euna Lee have broken their silence and are now describing some of what happened when they were captured in North Korea. Not all it, though. You'll have to buy their book to read the rest. [LAT]
• Is Jared Kushner looking to unload the Observer? That's the rumor. [Gawker]

• Just when you think members of the Jackson family can't possibly stoop any lower comes confirmation they've agreed to do a reality TV show for A&E. It's going to be "genuine," says the show's producer. Clearly. [THR]
• Because the public has been clamoring for 24/7 access to fake wrestling matches, the WWF is now hoping to start up its own cable network. [NYP]
• More on what went down when Vogue editor Anna Wintour sat down to chat with David Letterman on his show last night. [WWD]
• Sony unveiled its electronic reading gizmo/Kindle competitor today. [NYT]
• The Observer's Jason Horowitz is leaving for the Washington Post. [NYO]
• A homeless woman has scored a four-month internship at Elle. Just wait until Elle "employee" Olivia Palermo gets her hands on her on the next season of The City. Homelessness, we presume, will never have looked so good. [Gawker]

Jared Kushner's New York Observer has always been heavily reliant on real estate advertising. It's been hurt as much as anyone by the collapse of the real estate market. So Kushner is launching a new real estate paper. What?

• Harvey and Bob Weinstein are breathing a sigh of relief today. Quentin Tarantino's Inglourious Basterds did better than expected at the box office this weekend, raking in $37.6 million in sales. Not that one good weekend will be enough to lift the studio out of the financial mess it is in. [NYT, THR, WSJ]
• Related: In what may be a first for a movie opening, Inglourious Basterds seems to have benefited by a "crest of tweeting goodwill." [THR]
• Some 48 years after it was first published, Julia Child's Mastering the Art of French Cooking is now No. 1 on the New York Times' best-seller list. [NYT]
• Has the Glenn Beck brouhaha made advertisers skittish about buying commercial time during political shows in general? [AdAge, Politico]
• Jared Kushner's New York Observer is launching a new paper called The Commercial Observer. It's about commercial real estate, naturally. [NYT]
• Magazine newsstand sales continue to suffer, not surprisingly. [AdAge]

With McKinsey digging around at Conde Nast, it makes sense that quite a few people are shaking in their Chanel boots, one of which may be Anna Wintour now that the consultants are reportedly "taking an early look" at Vogue.

Every publication enjoys the "pleasure" of hearing from their readerships often, but especially from crazies, who love to write in. Today, someone's helpful ideas for the beleaguered, layoff-happy New York Observer, involving Jews, horses, and the "Heroic Destiny Squad."

While the dreaded McKinsey recommendations are still weeks away, Conde Nast is in full cost-cutting mode. Examples: Graydon Carter is now lunching in the cafeteria with commoners and the free Fiji water will soon be replaced by tap water. Yeah.

Recently Tina Brown eulogized party-planner Robert Isabell, fondly recalling her decadent Talk launch party he organized in 1999, a party she modestly labeled, "the last social celebration of the pre-9/11 celebrity decade." Now David Carr's offering a sad remembrance.

• 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.

The Observer's Gillian Reagan wrote a piece on how the content is managed on at NYTimes.com. Reagan spoke to the Times executives who manage the paper's website, two guys whose view of the web is, well, interesting.