As David Ellsworth 1 said, don't forget to go to your System Preferences ->App Store and uncheck automatic install -otherwise the downgrade (that's really an upgrade for now) won't stay for long.
Start by downloading the older version of iTunes **************
I got the link from another thread on this board, and it works.
Next, open Terminal and type sudo rm -r /Applications/iTunes.app
It will prompt for your password -enter it and press return.
Now you can open the iTunes installer you downloaded and install normally. You won't lose any playlists or songs (at least I didn't the three times I did this before remembering to shut off the automatic install in preferences).
I saw this fix in two other threads that it seems Apple has removed for some reason. Glad I copied/pasted/saved the instructions for future reference! This version of iTunes is ludicrously bad, and I hope Apple comes up with an fix before too much longer. I'm sick of seeing that red dot and reminders that there is a newer version available...
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