• Time Warner sucked wind in the second quarter as profits fell 34%. Newly-independent Time Warner Cable, however, posted a profit. [AP, Reuters]
• McKinsey has set up shop at Condé Nast. What it is the consulting firm's actually doing (or recommending), however, remains a mystery. [NYO]
Barry Diller's IAC posted a modest profit for the second quarter, but reported that revenues at the media conglomerate were down modestly, too. [AP]
• Michael Milken is backing some sort of new business website. Exciting! [NYT]
• Even more exciting: Sarah Palin is thinking about hosting a radio show. [HP]

• The Food Network has been "on a tear." Rachael Ray must be happy. [DF]
• The publication dates for three Madoff books have been moved up. [WSJ]
• After months of negotiations, Microsoft and Yahoo! have finally agreed on—and signed!—a 10-year search partnership. [CNET]
• Twitter has redesigned its homepage. [Twitter Blog]
• Sam Zell says the Tribune Co. could exit bankruptcy by year's end. [E&P]
Wired editor Chris Anderson is no fan of the word "journalism." [NYT]
• Speaking of journalists, now that they're losing their jobs right and left, expect the Daily News-Mets saga to repeat itself, says David Carr. [NYT]
• MSNBC's David Shuster is denying that he threw a fit when a cameraman accidentally filmed him from behind, thus exposing his bald spot. [HP]