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Procter & Gamble, the world's largest household products maker, today cut its earnings and revenue forecasts for the second time in as many months, according to Reuters.

In his new book, “The Amateur: Barack Obama in the White House,” journalist Edward Klein reveals how even former friends and political allies of the president have become frustrated with his remoteness and bungling of crises. Klein, former editor of The New York Times Magazine and frequent contributor to Vanity Fair, interviewed numerous members of Obama’s inner circle. In this excerpt, he explains how even celebrity backer Oprah Winfrey was shoved aside. Shortly after the 2008 presidential election, Oprah Winfrey traveled to Washington, DC, to nail down an interview for O, The Oprah Magazine with Michelle Obama. Oprah expected the...

Just when we thought things were beginning to look up for Oprah Winfrey, her highly successful magazine takes a fall. According to a new report, O, The Oprah Magazine is down millions of dollars in advertising sales in comparison to last year. The Association of Magazine Media reports that ad sale revenue for O, The Oprah Magazine was $48.8 million in 2011. However, this year ad sales are at a low of $34.2 million, which translates to a decrease of 24.1 percent. The magazine's newsstand sales have also been declining as of late. According to the Audit Bureau of Circulations,...

The Rosie O’Donnell show was supposed to be the magnet that would draw big numbers of viewers to Oprah Winfrey’s OWN cable network — before it ended up a big flop. Insiders blame the failure of the show on a lack of support from the network, and a lack of experience on the part of Winfrey’s Harpo-based team doing anything other than a show built around Winfrey. “Initially, we had a lot of support,” says one show insider, who can’t be named because of a confidentiality agreement. “The first week we heard everything went well. But after the premiere week...

Oprah Winfrey’s struggling television network, OWN, said Monday it is laying off one-fifth of its workers and restructuring its operations in New York and Los Angeles. The decision to let 30 employees go is a “tough” one, but the economics of a start-up cable network didn’t fit with OWN’s cost structure, Winfrey said in a statement. “As CEO, I have a responsibility to chart the course for long-term success for the network. To wholly achieve that long-term success, this was a necessary next step,” Winfrey said.

Seems like the Oprah Winfrey Network just can't catch a break: after Friday's announcement that The Rosie Show wouldn't be coming back to the network after a low-rated first season, OWN is restructuring. Thirty staffers are being laid off, with their duties redistributed throughout the the network and the two partners in the joint venture cabler—Discovery Communications and Oprah's own Harpo Studios.

Oprah Winfrey explains there's no reason for her to endorse Pres. Obama because everyone know who he is. VIDEO

Losses will mount at Oprah Winfrey's new cable channel for a "period of time," as Discovery Communications Inc. keeps investing in the venture, Discovery's chief executive told investors Wednesday. -snip- "The losses will increase for a period of time, and the funding will increase for a period of time," Discovery CEO David Zaslav said at an investor conference organized by UBS AG. Discovery has spent $254 million funding OWN through Sept. 30, according to securities filings.

O don’t know cable. Talk-show queen Oprah Winfrey is losing money, viewers, executives — and even her best friend, Gayle King, who bolted this week — in her battle to make OWN Network a relevant programming destination. Winfrey intended to “enlighten” and “inspire” her loyal fan base when transitioning from network TV to cable, but all she’s done is alienate herself, posing as a philosopher rather than a journalist.

Rosie O’Donnell is not exactly the savior Oprah Winfrey’s OWN cable network was hoping for. Despite appearing on the cover of Winfrey’s O magazine and constant promotion on the Discovery Channel network, the October 10 premiere of “The Rosie Show” on OWN produced less than half a million viewers, while “Oprah’s Lifeclass” did even worse, attracting just 333,000 viewers. And both shows lost viewers the night after their premieres, with “The Rosie Show” dropping more than 36 percent, to 317,000 viewers the following Tuesday, while “Oprah’s Lifeclass,” also dropped to just 279,000 viewers. But even with the lackluster ratings, OWN...

Chalk up two more gut- punches for Oprah Winfrey and her staggering OWN cable network. Following news that Jenny McCarthy has taken her planned Harpo-produced talk show elsewhere -- possibly to NBC -- comes word that oprah.com, Winfrey's main contribution to OWN, has lost half its readership since "Oprah" left the air in May. Oprah.com, which Winfrey gave to Discovery Communications as her half of their partnership in starting OWN, was down nearly 50 percent in site visits last month, according to siteanalytics.compete.com.

Discovery Communications and Oprah Winfrey have pushed out Christina Norman as chief executive of OWN, the Oprah Winfrey Network, after a tough start for the five-month old cable network. Discovery Chief Operating Officer Peter Ligouri will take over from Norman on an interim basis, in addition to his current role. OWN, which launched in the United States on January 1, has struggled to win ratings in its first five months.

If you listened carefully, it sure sounded like Oprah Winfrey is starting to acknowledge what everybody else seems to know: that OWN -- her cable channel joint venture with Discovery Communications -- has been a disappointment since it was launched in January. “We’re all about raising this child, and it does indeed take a village,” the talk-show hostess told an audience of advertisers and ad buyers at Discovery's upfront presentation Thursday.

Oprah Winfrey is finding out just how hard it is to build an out-of-the-way channel into a television destination. OWN, her two-month-old channel, is attracting fewer viewers than the obscure channel it replaced, Discovery Health. At any given time this month, there have been about 135,000 people watching OWN, according to the Nielsen Company, and only about 45,000 of those people are women ages 25 to 54, the demographic that the channel is focusing on. Those ratings levels, down about 10 percent from Discovery Health’s levels last year, are being carefully watched by people who would like to rebuild cable...

In its fifth full week of programming (1/31-2/6), OWN: The Oprah Winfrey Network was down 17% vs. last week with last week among women 25-54 in total day (40,000 vs. 48,000), and down 34% among women 25-54 in prime time (54,000 vs. 82,000). OWN is now well below last year’s women 25-54 averages for Discovery Health . OWN replaced Discovery Health which averaged 51,000 W25-54 Total Day, and 84,000 W25-54 in Prime Time during 2010. Week of January 31 – February 6, 2011 (Live+Same Day ratings) SELECTED NETWORKS Prime-time Women 25-54 (Live+SD) Network (000s) Lifetime 394 Hallmark 182 Oxygen 133...

In its fifth full week of programming (1/31-2/6), OWN: The Oprah Winfrey Network was down 17% vs. last week with last week among women 25-54 in total day (40,000 vs. 48,000), and down 34% among women 25-54 in primetime (54,000 vs. 82,000).

Oprah Winfrey’s new cable network is having some early growing pains. After exploding out of the gate in the ratings (and on a Saturday, no less), viewership for OWN has declined significantly. While OWN’s premiere averaged 1 million primetime viewers last weekend, Sunday dropped to 822,000. Monday fell to 394,000, followed by Tuesday hitting 315,000. In the network’s target of women 25-54, OWN went from an opening night rating of 0.6 to a 0.2 at the start of the week. Compared to other women’s networks, OWN was still remarkably competitive, though entrenched rivals like Oxygen and WE have mostly closed...

PASADENA, Calif. – Piers Morgan says he's spoiling for a prime-time fight with CNN's rivals — and he'll throw the first punch with Oprah Winfrey. Winfrey, who is promoting her new OWN cable network, will be the first interview subject when "Piers Morgan Tonight" launches on Jan. 17. The former British tabloid editor said Thursday he interviewed Winfrey for that debut this week in California.