Sumner Redstone is being forced to sell about one-fifth of his stake in CBS and Viacom to meet the terms of various loan agreements. Also: Shares in Viacom plunged after the company announced third-quarter earnings fell short of estimates. [Bloomberg]
It's official: Hearst's Cathie Black announced CosmoGirl will fold. [Portfolio]
A little perspective: Time Warner is now less than one-quarter of what AOL alone was worth before the merger. [SAI]
After much drama (and a few leaked emails), Scott Rudin has decided to talk away from The Reader. [THR]

The Philadelphia Daily News has issued Tina Brown's Daily Beast a cease and desist over its very similar-looking logo. [Philadelphia Daily News]
For the first time in 75 years, Esquire is endorsing a presidential candidate. We'll leave it to you to guess who it is. [HuffPo]
Christopher Buckley, the son of the late right-wing legend William F. Buckley, is endorsing Obama. [TDB]
Mark Burnett is working on a remake of This Is Your Life. [THR]
Ratings for NBC's Knight Rider are falling fast. [AdAge]
Fox News is having a field day with Jim Cramer. [Gawker]