• More on the decision by Condé Nast to shut down Portfolio. [NYO, Gawker]
• Newspaper circulation figures for the past six months show steep declines at most major papers, including the Times, Post, and Daily News. One bright spot: the Wall Street Journal, which experienced a tiny, 0.6% gain. [E&P]
Phil Falcone's Harbinger, the hedge fund that battled for a piece of the New York Times Co. last year, may now be looking to unload its stake. [WSJ]
• CNN has fallen behind MSNBC and Fox News, as you may have heard. [NYT]
PRWeek is going monthly. But it'll still be called PRWeek, so you know. [NYT]
Obsessed starring Beyonce was No. 1 at the box office this weekend. [THR]

• Facebook is opening the site to third-party developers. [WSJ]
• Fox is so desperate for a hit sitcom, it's holding a script contest. [NYT]
• Great timing. A magazine called Prestige New York has debuted and is targeting people who have a net worth of $10 million or more. [WSJ]
• One bright spot on an otherwise desolate media landscape? The makers of infomercials are still raking in cash amid the recession. [Daily Beast]
• Spike TV may is in talks to acquire the rights to broadcast Entourage. [B&C]