Yesterday, a white person tweeted something horrible. We tend to do that, but this time there was a catch: this white person — Justine Sacco, the global head of communications for the Barry Diller-led firm IAC — was on a 12-hour flight from London to Cape Town, giving the internet an inordinate amount of time to gather its torches.
Leave it to seasoned mogul Barry Diller to have the smartest take on the cashiering of TechCrunch founder Mike Arrington: AOL "destroyed" TechCrunch's voice, the IAC chairman said, and editorial director Arianna Huffington should have been told to "shut up and go back to your room" when she raised concerns about Arrington's ethics.
• 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]