Daily News (New York, NY) articles from October 2001

Daily News (New York, NY) archives from October 2001

Investors Start Slow in New Quarter.
October 2, 2001... Byline: Judith Schoolman Oct. 2--Wall Street investors kicked off the last quarter of the year in idle yesterday, faced with a likely Fed interest rate cut today and evidence of continued economic stagnation. Entering the traditionally...

Advertising Slump Crumples Mademoiselle.
October 2, 2001... Byline: Paul D. Colford Oct. 2--Mademoiselle, which served debutantes in an era long gone and lately steered young women through the minefield of relationships, yesterday became the biggest casualty of the advertising downturn. Steven...

Univision's Advertising Sales Stand Out in Industrywide Slump.
October 2, 2001... Byline: Phyllis Furman Oct. 2--Advertisers may be fleeing most TV networks, but one standout is looking hotter than ever: Spanish language broadcasting giant Univision. The Los Angeles-based network that owns New York's Ch. 41...

Analyst Focuses on U.S. Airline Outlook after Swissair Runs Out of Money.
October 3, 2001... Byline: Nancy Dillon Oct. 3--The Sept. 11 attacks have claimed their first airline casualty, with more possibly on the runway. Switzerland's national airline, Swissair, facing financial turbulence even before the tower tragedy, said...

Demand for New York Recovery Bonds Exceeds Twice Amount Issued.
October 3, 2001... Byline: Judith Schoolman Oct. 3--Demand from individual investors and big institutions for the city's recovery bonds, designed to help finance the cleanup and other costs from the Sept. 11 attacks, was more than twice the amount issued,...

Defense Department in Talks to Rent Office Space in New York City.
October 3, 2001... Byline: Eric Herman Oct. 3--The military may be coming to midtown. With a big real estate deal in the offing, Pentagon brass could soon be rubbing shoulders with the well-heeled powerbrokers of Fifth Avenue. A division of the...

Former GE CEO Jack Welch to Become Partner at New York Investment Firm.
October 3, 2001... Byline: Rachel Scheier Oct. 3--Jack Welch, executive guru, ex-CEO of General Electric and, lately, best-selling author, is getting yet another new title. Welch, 65, is to become a "special partner" at investment firm Clayton, Dubilier...

Federal Reserve Cuts Interest Rates to Lowest Point in Almost 40 Years.
October 3, 2001... Byline: Judith Schoolman Oct. 3--Warning the economy has continued to weaken since Sept. 11, Alan Greenspan's Fed cut interest rates yesterday to the lowest level in nearly 40 years. "The terrorist attacks have significantly heightened...

Rupert Murdoch's News Corp. to Miss Earlier Profit Targets.
October 3, 2001... Byline: Nancy Dillon Oct. 3--Rupert Murdoch's News Corp. warned yesterday it wouldn't meet earlier profit targets due to a post-attack ad dropoff. The media conglomerate, which owns the Fox TV network and the New York Post, said it...

Credit Suisse First Boston to Cut about 20 Percent of Investment Banking Staff.
October 4, 2001... Byline: Judith Schoolman Oct. 4--Credit Suisse First Boston is expected to trim about 20 percent of its worldwide investment banking staff, becoming the latest brokerage firm to cut jobs amid the general slowdown on Wall Street. About...

GlaxoSmithKline Announces Discount on Prescriptions for Low-Income Seniors.
October 4, 2001... Byline: Rachel Scheier Oct. 4--Drug giant GlaxoSmithKline will offer cheaper prescription drugs to poorer seniors, the company said yesterday. The world's second largest drug maker said millions of elderly who don't have prescription...

Surge in High-Tech Stocks Accompanies Rise in Dow.
October 4, 2001... Byline: Judith Schoolman Oct. 4--Bulls roared up Wall Street yesterday, sending tech stocks soaring 6 percent and the Dow back over 9,000 as a glimmer of upbeat economic data and a promise of economic stimulation from the White House set...

Wall Street Journal Works Out of Five Newsrooms after Trade Center Collapse.
October 4, 2001... Byline: Eric Herman Oct. 4--The Wall Street Journal, cast out of its home in the World Financial Center, now has five newsrooms. Formerly under one roof at 1 Word Financial Center, the paper's staff of 750 evacuated on Sept. 11 as the...

American Cuts TWA Flights from Kennedy Airport.
October 5, 2001... Byline: Nancy Dillon Oct. 5--American Airlines is ending all TWA flights out of Kennedy airport and vacating the landmark Terminal 5 this weekend. The airline, which acquired TWA earlier this year, had planned to close the terminal and...

Dell Reports Surprisingly Strong Sales.
October 5, 2001... Byline: Rachel Scheier Oct. 5--Dell announced a much-needed bit of good news yesterday, saying its sales in the days following the Sept. 11 attacks staged a surprising comeback. The No. 1 personal computer maker said it was on target...

Profile Has No Good News about Labor Market in Attack Aftermath.
October 5, 2001... Byline: Judith Schoolman Oct. 5--The first profile came in yesterday of just how bad the labor market has become since Sept. 11. It wasn't pretty and won't get better anytime soon. The number of Americans applying for unemployment...

NBC Survey to Announce Viewers' Readiness for Regular Programming, Ads.
October 5, 2001... Byline: Phyllis Furman Oct. 5--Looking to win back leery advertisers, NBC has found viewers ready to once again embrace regular programing -- and commercials. A soon-to-be-released survey conducted by NBC and obtained by the Daily...

Daily News, New York, Publishing Column.
October 5, 2001... Byline: Paul D. Colford Oct. 5--When the twin symbols of America's financial power collapsed on Sept. 11, closing the markets, the personal-finance magazines raced to offer advice with few hard facts in hand. "What Now?" is the cover...

Wall Street Eyes Fluctuations, Uncertain of Air Strikes' Impact on Economy.
October 9, 2001... Byline: Judith Schoolman Oct. 9--Investor ambivalence in the aftermath of U.S. air strikes in Afghanistan kept many Wall Street players on the sidelines yesterday as they tried to decipher the future impact on the economy. The Dow...

Daily News, New York, Publishing Column.
October 9, 2001... Byline: Paul D. Colford Oct. 9--Stop the presses! Time and Newsweek took that rare step to include word of Sunday's air strikes in many copies of this week's issues. The 4-million-circulation Time said it managed to halt about 40...

NBC Is Leading Contender in Race for Telemundo.
October 9, 2001... Byline: Phyllis Furman Oct. 9--New York's Ch. 4, and Spanish language station, Ch. 47, could soon be part of the same family. Ch.4-parent NBC has emerged as the leading contender to snap up Spanish language broadcaster Telemundo, the...

Credit Suisse First Boston to Cut Back Jobs Globally.
October 10, 2001... Byline: Judith Schoolman Oct. 10--Credit Suisse First Boston, one of the top investment banks, said yesterday it will cut 7 percent of its global workforce to trim expenses as business slowed and expenses mount. The New York-based unit...

Daily News, New York, Media Column.
October 10, 2001... Byline: Rachel Scheier Oct. 10--You soon may be able to download your favorite tunes from Web sites that are legit. Music publishers and record labels have struck a deal to allow the labels to launch Internet-based subscription music...

New York Times Uses Sports-Flip Format to Increase Terror, War Coverage.
October 10, 2001... Byline: Paul D. Colford Oct. 10--All the news fit to print in yesterday's New York Times triggered less wow at some breakfast tables than the paper's new upside-down sports section. "I stood on my head and read the paper," said WCBS-TV...

Consumer Spending in September Was the Lowest in Years.
October 10, 2001... Byline: Judith Schoolman Oct. 10--In the month since the Sept. 11 terror attacks, consumers still haven't ventured back to the malls. In a first comprehensive look at just how devastating the attacks were on the country's psyche,...

Chevron's Acquisition of Texaco Reaps Benefits for Shell.
October 10, 2001... Byline: Nancy Dillon Oct. 10--Shell Oil is getting lots of mileage from Chevron's newly approved acquisition of Texaco. The company, a subsidiary of Royal Dutch/Shell Group, said yesterday it would become the largest supplier of U.S....

Cantor Fitzgerald to Give Victims Families a Quarter of Profits for 5 Years.
October 11, 2001... Byline: Judith Schoolman Oct. 11--Cantor Fitzgerald, which lost 700 workers in the attacks on the World Trade Center, said yesterday it will give a quarter of its profits for the next five years to families of the victims after...

Real Estate Firm Puts New York Building on Market.
October 11, 2001... Byline: Eric Herman Oct. 11--In a murky real estate market, Murray Hill Properties is selling midtown office building 370 Lexington Ave. -- a 27-story building at E. 41st St., near Grand Central Terminal. Two years ago, Murray Hill's...

Motorola Plans to Cut 7,000 More Jobs.
October 11, 2001... Byline: Rachel Scheier Oct. 11--The Schaumburg, Ill., maker of cell phones and other gear said it will lose money in the next three months and will fire 7,000 more workers than previously planned, bringing its total layoffs this year to...

New Yorker Win Nobel Prize for Economics.
October 11, 2001... Byline: Nancy Dillon Oct. 11--An upper West Side resident who has championed the rights of underdog investors and explained why markets misbehave won the Nobel Prize for economics yesterday. Economics professor Joseph Stiglitz, who...

Better Profits, Factory Output Help Stock Market.
October 11, 2001... Byline: Judith Schoolman Oct. 11--Stocks rallied yesterday as hints of improving profits and a possible increase in factory output overcame anxiety over global conflicts. Looking for any bit of good news to justify a buying spree,...

Bank of New York May Temporarily Move into Future Site of NYSE.
October 12, 2001... Byline: Eric Herman Oct. 12--The Bank of New York -- cast out of several downtown office buildings by the Sept. 11 terrorist attack -- may be getting a new temporary home at the site of the future New York Stock Exchange. Sources...

Dow Jones Gives Gloomy Earnings Report; News Corp. Report Is Sunnier.
October 12, 2001... Byline: Nancy Dillon Oct. 12--News on the slumping media market was divided yesterday, with Wall Street Journal publisher Dow Jones sounding gloomy while Rupert Murdoch, head of News Corp., turned hopeful. Dow Jones reported sharply...

U.S. Postal Service to Support Transformation of New York's Penn Station.
October 12, 2001... Byline: Eric Herman Oct. 12--It's all aboard -- again -- for the Penn Station transformation project. After attempting to back out of the plan to turn the James A. Farley General Post Office into a new Penn Station, the United States...

Stock Market Soars.
October 12, 2001... Byline: Judith Schoolman Oct. 12--Stocks roared above pre-Sept. 11 levels yesterday as companies like Yahoo and GE said their profits would meet or beat expectations even as the latest unemployment numbers rocketed to a 10-year high. ...

NBC Buys Spanish Network Telemundo for $2.7 Billion.
October 12, 2001... Byline: Phyllis Furman Oct. 12--Get ready for "The Weakest Link" and "Dateline NBC" -- en Espanol. NBC's set to turn out original versions of some of its top shows tailored to the Hispanic audience. They're for NBC's newest network --...

Housewares Chain to Close Its Stores in New York Area.
October 13, 2001... Byline: Judith Schoolman Oct. 13--Housewares chain Lechters is closing its 315 stores. The going-out-of-business sale begins today. The company filed for bankruptcy in May, then last month asked a judge to let it sell off assets....

Anthrax Scare Pushes Market Further Down.
October 13, 2001... Byline: Judith Schoolman Oct. 13--Jitters around the country translated into mood swings on Wall Street yesterday. Stocks got pounded early as word spread of a new anthrax case at NBC's New York headquarters. This added to an already...

Polaroid Files for Bankruptcy.
October 13, 2001... Byline: Nancy Dillon Oct. 13--The shutters are closing on an American icon. Polaroid, which dazzled generations with its instant photo wizardry, filed for bankruptcy yesterday. The cause, experts say, was a shift in consumer focus,...

New York Fitness Chain Teams Up with Bally.
October 16, 2001... Byline: Nancy Dillon Oct. 16--Crunch Fitness, the gym that invented karaoke cycling and disco yoga, is joining up with Bally Total Fitness. Manhattan-based Crunch said yesterday it has accepted a $90 million acquisition offer from No....

Daily News, New York, Business Briefs Column.
October 16, 2001... Byline: Paul D Colford Oct. 16--REUTERS STAFF EXPECTS CUTS: Staffers at Reuters news service are bracing for job cuts. "My understanding is that the company is looking at the editorial department for layoffs or cutbacks," said Bill...

Struggling British Music Giant EMI Hires New Chief.
October 16, 2001... Byline: Phyllis Furman Oct. 16--Seeking a turnaround, troubled music giant EMI has hired respected music veteran Alain Levy as its new boss -- and his first act could be cutting ties with pop diva Mariah Carey. Levy, the former chief...

Flight Attendants Wait, Worry about Their Jobs.
October 16, 2001... Byline: Nancy Dillon Oct. 16--Flight attendants anxious about their jobs have been keeping a steady vigil at Yer Man's Irish Pub and Airline Bar in Kew Gardens. "It's like we're all just sitting on the fence waiting for someone to...

Developer in Charge of World Trade Center Hires Top Lawyer for Insurance Cases.
October 16, 2001... Byline: Eric Herman Oct. 16--Larry Silverstein is taking no chances when it comes to assembling his team of lawyers. The developer who controlled the World Trade Center has hired Herbert Wachtell, a take-no-prisoners trial lawyer known...

Daily News, New York, Guerrilla Investing Column.
October 16, 2001... Byline: Peter Siris Oct. 16--Here's my view of the market: It's going up -- unless it crashes. I can hear you groan as you read the line. You paid 50 cents for this paper, and now you are getting some bozo telling you the market is...

Media Magazine Brill's Content Folds; Web Site to Be Sold.
October 16, 2001... Byline: Paul D. Colford Oct. 16--Entrepreneur Steve Brill called it quits yesterday, folding his media magazine Brill's Content and revealing plans to scale back and sell the media-news Web site Inside.com to his partner Primedia. The...

U.S. Bankers Put Brakes on Provisions for Tougher Money-Laundering Laws.
October 16, 2001... Byline: Barbara Ross Oct. 16--American bankers who say they support tougher money-laundering laws have managed to delay their adoption despite congressional passage of anti-terrorism bills designed to deal with the issue. Despite...

Companies from Retail, Banking Sectors Report Bleak Quarterly Profits.
October 16, 2001... Byline: Judith Schoolman Oct. 16--As earnings season gets into full swing this week, companies from department stores and cosmetic makers to banks and brokers are saying Sept. 11 was a big part of the grimmest three-month profit picture in...

Industrywide Ad Downturn Damages AOL Bottom Line.
October 17, 2001... Byline: Phyllis Furman Oct. 17--AOL Time Warner posted a wider loss as the world's largest media empire fell victim to an industrywide ad downturn. But the bad news doesn't stop there for the home of Bugs Bunny, Time Magazine, CNN,...

U.S. Factories See 12 Consecutive Months of Decline in Production.
October 17, 2001... Byline: Judith Schoolman Oct. 17--Providing further evidence the country has entered a recession, production at the nation's factories fell 1 percent in September, extending the decline to 12 straight months -- the longest slowdown since...

Designers' Clothes to Sport Labels Touting New York Production, Spirit.
October 17, 2001... Byline: Judith Schoolman Oct. 17--New York's garment industry is proud and now it's showing off. Stepping in to boost the city's morale and play up its own role in keeping the economy rolling, locally produced clothes are getting a...

Merrill Lynch Reports 50-Percent Profit Plunge for Quarter.
October 17, 2001... Byline: Judith Schoolman Oct. 17--Socked by the ongoing economic and stock market slump that was compounded by the Sept. 11 attacks, brokerage Merrill Lynch is likely to cut up to 10, 000 jobs as it reports today an expected 50 percent...

CEO Leaves New York Satellite Radio Company.
October 17, 2001... Byline: Nancy Dillon Oct. 17--Plagued by launch delays and a plunging stock price, satellite radio pioneer David Margolese is exiting day-to-day management of Manhattan-based Sirius Satellite Radio. Margolese, 43, founded the company...

Direct Marketers Consider Campaign to Assuage Anthrax Fears.
October 17, 2001... Byline: Phyllis Furman Oct. 17--Faced with as much as $20 billion dollars in potential losses, the anthrax-rattled junk mail business is considering launching its own ad campaign with a bold message: Don't be afraid to open your mail. ...

Time Inc. Could Weather Executive Shuffle in Near Future.
October 17, 2001... Byline: Paul D. Colford Oct. 17--A big executive shuffle may be looming at Time Inc. as E. Bruce Hallett, the president of flagship Time magazine, is expected to move into the same position at sister magazine Sports Illustrated. The SI...

Wall Street Journal to Move Some Employees to South Brunswick, N.J.
October 17, 2001... Byline: Paul D. Colford Oct. 17--The Wall Street Journal, the chronicle of New York's financial markets, plans to shift a chunk of its Manhattan staff to a central New Jersey location about 50 miles from the neighborhood it covers every...

Greenspan Tries to Reassure Congress of Economy's Long-Term Prospects.
October 18, 2001... Byline: Judith Schoolman Oct. 18--Fed chairman Alan Greenspan said it was too soon to assess the economic damage from Sept. 11, but he tried to reassure Congress yesterday that long-term prospects were still strong. "As the initial...

Building Near World Trade Center to Reopen after Declaration of Safety.
October 18, 2001... Byline: Eric Herman Oct. 18--One Liberty Plaza, the massive black skyscraper mistakenly reported to have collapsed after the World Trade Center attack, is set to reopen on Monday. But few of the building's blue-chip tenants will be...

Internet-Tax Ban to Expire after Sunday.
October 19, 2001... Byline: Rachel Scheier Oct. 19--The clock is ticking on a ban on taxes that target the Internet. Congress failed to reach an agreement on extending the three-year moratorium, which forbids taxes on Internet access and any other tax...

Job Outlook Continues to Look Bleaker in New York, across Nation.
October 19, 2001... Byline: Judith Schoolman Oct. 19--The employment picture continues to deteriorate in New York and the rest of the country, officials said yesterday, who warned the job outlook could remain weak as economies suffer in the aftermath of Sept....

Daily News, New York, Publishing Column.
October 19, 2001... Byline: Paul D. Colford Oct. 19--So Primedia is weighed down with $2.6 billion in debt. So its stock skidded further yesterday, losing another 17 cents, or 8.25 percent, to close at $1.89 a share. So its purchase of About.com, a...

New York Stock Exchange to Wait Longer for New Trading Facility.
October 19, 2001... Byline: Eric Herman Oct. 19--New York Stock Exchange officials now acknowledge what real estate professionals have suspected for weeks -- plans to build a new Exchange trading facility are on hold. The city's Economic Development Corp....

Resort Operator Club Med Announces Temporary Closing of 15 Locations.
October 20, 2001... Byline: Rachel Scheier Oct. 20--Club Med, the resort company known for its exotic vacation locales, said it will temporarily close 15 resorts as a result of lost business following the Sept. 11 attacks. The French company, Europe's...

Analysts Say Next Week's Earnings Reports Could Be Real Economic Indicator.
October 20, 2001... Byline: Nancy Dillon Oct. 20--Though nearly half the earnings season has passed with no major blowups, analysts said the coming week is the one that could make or break the party. In past weeks, many companies and the analysts who...

Wall Street Stays in a Holding Pattern.
October 20, 2001... Byline: Judith Schoolman Oct. 20--Tepid inflation and a moderating trade deficit balanced out news of continuing weak earnings and mounting anthrax scares to keep Wall Street in a holding pattern yesterday. On the 14th anniversary of...

AOL Time Warner Gains Foothold in China, Will Bring Chinese TV to New York.
October 23, 2001... Byline: Phyllis Furman Oct. 23--A groundbreaking deal between AOL Time Warner and the People's Republic of China will bring the first foreign television broadcaster to mainland China -- and Chinese television to New York. AOL Time...

Apartment Prices Drop in Manhattan, Reports Says.
October 23, 2001... Byline: Eric Herman Oct. 23--Manhattan apartment prices dropped in the third quarter of this year, according to a new report, showing the effects of a gathering recession and early signs of the World Trade Center attack's impact on the New...

Anthrax Fears Cause Increase in Postage Sales on Internet.
October 23, 2001... Byline: Nancy Dillon Oct. 23--The ongoing spate of anthrax scares is causing a stamp-ede for postage downloaded from the Internet. SimplyPostage.com, which like most online providers caters to small businesses and home offices, has...

Daily News, New York, Guerrilla Investing Column.
October 23, 2001... Byline: Peter Siris Oct. 23--In this speech two weeks ago, President Bush told us to act if we see something suspicious. While I rarely see groups of armed men hanging around crop dusters in Greenwich Village, I do often see corporate...

Industry Representatives Gather at Somber Magazine Conference in New York.
October 23, 2001... Byline: Paul D. Colford Oct. 23--Reunions of old friends and colleagues gave the annual American Magazine Conference a festive air, but the mood at the Sheraton New York Hotel darkened a few times yesterday amid gloomy forecasts. A...

New York Based Recording Industry Giant Continues to Dominate Market.
October 23, 2001... Byline: Phyllis Furman Oct. 23--The music business may be warped, but one record mogul's sounding better than ever. He's Doug Morris, chief of Universal Music Group, the industry's biggest player, which for now continues to thrive --...

Stocks Rise 2 Percent on Optimism over Next Year.
October 23, 2001... Byline: Judith Schoolman Oct. 23--Optimism that profits will rebound next year sent Wall Street stocks 2 percent higher yesterday even as the latest look at the slowing economy made it ever clearer the country was in a recession. ...

Warner Music Group Reports Decline in Third-Quarter Results.
October 23, 2001... Byline: Phyllis Furman Oct. 23--It's become as predictable as the tale of the drug-addicted rock star on VH1's "Behind the Music": Last week AOL Time Warner released its third quarter numbers and, once again, record giant Warner Music...

AT&T Reports 88 Percent Drop in Third-Quarter Earnings.
October 24, 2001... Byline: NANCY DILLON Oct. 24--AT&T lost money in its core operations in the third quarter and said its consumer long distance business continues to suffer, with no turnaround in sight. While the quarter benefited from a one-time gain...

Daily News, New York, Business Briefs Column.
October 24, 2001... Oct. 24--STOCK DIP FOLLOWS ANTHRAX SCARE: Stocks fell yesterday as more reports of anthrax unnerved a market already shaky from disappointing quarterly results and dim profit outlooks. The Dow Jones industrial average lost 36.95 to...

Developer in Charge of World Trade Center to Use Insurance Money to Pay Rent.
October 24, 2001... Byline: Eric Herman Oct. 24--Larry Silverstein, the real estate developer who controlled the World Trade Center, has started receiving insurance money and will use it to pay nearly $9 million in rent due to the Port Authority next week,...

AOL Time Warner CEO Vows to Keep Americans Informed.
October 24, 2001... Byline: Paul D Colford Oct. 24--AOL Time Warner CEO Gerald Levin closed the annual American Magazine Conference yesterday with an impassioned promise. Wearing an American flag on his lapel and extolling the right of free speech in the...

Daily News, New York, Media Column.
October 24, 2001... Byline: Phyllis Furman Oct. 24--Two of the biggest names in financial news have seen their stocks rise to unprecedented heights following Sept. 11. Viewers are flocking to CNN moneyman Lou Dobbs and Fox News Channel business news pro...

Nasdaq, Other Tenants Consider Leaving One Liberty Plaza.
October 24, 2001... Byline: Eric Herman Oct. 24--One Liberty Plaza, the 53-story office tower across Church Street from ground zero, can't catch a break. First, it was incorrectly reported the building was about to collapse after the World Trade Center...

Ground Zero Neighbors Not Ready to Return to Work Near Grisly Site.
October 25, 2001... Oct. 25--One Liberty Plaza, across Church Street from Ground Zero, reopened yesterday -- two days later than expected. But of the few employees who showed up, many said they didn't plan on staying. "I just came to get these files and a few...

Another Round of Job Cuts Begins.
October 25, 2001... Byline: Nancy Dillon Oct. 25--Another wave of job cuts swept corporate America yesterday, as effects of the economic slowdown and ailing profits hit brand-name consumer icons. Sears, Eastman Kodak and Hershey Foods joined No. 3...

High-Tech Stocks Reach Seven-Week Peak.
October 25, 2001... Byline: Judith Schoolman Oct. 25--Tech stocks climbed to a seven-week high yesterday as investors, filled to the brim with bad news about quarters past, became guardedly optimistic that profits would improve in the new year. "I'd give...

New York-Area Blue Cross, Blue Shield Negotiates for Manhattan Office Space.
October 25, 2001... Byline: Eric Herman Oct. 25--In what would be a much-needed vote of confidence for downtown Manhattan, Empire Blue Cross and Blue Shield is negotiating for office space being vacated by Salomon Smith Barney, the Daily News has learned. ...

Ad Downturn Forces Humility on Media Moguls.
October 25, 2001... Byline: Phyllis Furman Oct. 25--It was a tough day for Mel Karmazin and Barry Diller. They are two of the most powerful men in the media business, but yesterday the cocky moguls were forced to explain how their empires have been hurt...