Cityfile: New York's Most Notable and Influential

• 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] More

• Janice Min isn't renewing her contract as editor-in-chief of Jann Wenner's Us Weekly. Her No. 2, Michael Steele, will become acting editor in chief. [NYT]
• Condé Nast announced yesterday that it had retained the management consulting firm McKinsey to "develop new perspectives." They sure have their work cut out for them. Condé revealed today that its monthly mags witnessed a 37 percent drop in advertising in September. [Gawker, AdAge, NYO]
• More pain at Condé may be on the way: "Significant cost cuts, including more layoffs and the closing of more magazines" are coming, says Keith Kelly. [NYP]
• Yet more Condé news: The company is closing down Men.Style.com so it can focus on the soon-to-be relaunched websites of GQ and Details. [AdAge]
• The Boston Globe's largest union voted yesterday to approve the new contract that had been proposed by the New York Times Co. [NYT, E&P]
• This can't be a good sign about the state of affairs at CNN: Time Warner Cable is moving it from channel 10 to 78 and replacing it with FX. [MCN]More

• How are things going at the Cannes Film Festival? It depends on who you talk to. The Journal says it's been "conspicuously less frenzied" and business has been "slow." The Hollywood Reporter says it's beating expectations and "doomsayers" have been "proven wrong." Take your pick. [WSJ, THR]
• NBC is dropping Medium and My Name Is Earl for the fall, but bringing back Chuck. It's also renewed Law & Order for a 20th season. [NYT, AP, NYT]
• What can you expect on ABC this fall? More Dancing With the Stars. [THR]
• CBS is ditching Without A Trace, but has renewed Numb3rs. [EW]
• Time Warner Cable is dropping HDNet and HDNet Movies as May 31. [MC] More

• The first quarter wasn't such a hot one for NBC Universal: Earnings dropped 45 percent as the ad market continued its downward spiral. [WSJ, TVWeek]
• The world's largest newsprint maker has gone bankrupt. [NYT]
• Rolling Stone is closing up shop in San Francisco. [Portfolio]
• Ads sales figures at The New York Times Co. are looking pretty ugly. [E&P]
• Some good news, at least for impoverished porn addicts: Time Warner no longer plans to charge customers based on bandwidth usage. [Wired]More

• Channels like MTV, Comedy Central and Nickelodeon will no longer be available to Time Warner Cable customers beginning at midnight, unless Viacom and Time Warner settle a dispute over fees. [Bloomberg]
• The Village Voice has laid off Nat Hentoff and Lynn Yaeger. [NYT]
• Ratings for MTV's The City and Bromance were disappointing. [THR]
• Pepsi is parting ways with its longtime pitchman David Beckham. [AdAge]
• Hustler publisher Larry Flynt is feuding with his nephews over their plans to launch an adult media company of their own. [NYP]
• Nick Denton's Gawker Media has sold off a site and is selling another. [NYT]
• It's not all bad news these days for journalists, clearly. [THR]

Time Warner Cable Spreads the Cheer | Time Warner may seem like a grinch laying off thousands of staffers less than two weeks before Christmas, but the company isn't lacking holiday spirit entirely: Time Warner Cable is giving all employees (as well as customers who request one) a pin-up calendar featuring its cable repairmen in a variety of suggestive poses. Just what you've been waiting for, we're sure. [NYDN]