WWD: Since the magazine industry is screwed, the American Society of Magazine Editors is scaling back the party for tonight's National Magazine Awards

New York Times: Time Warner is nearing a decision to spin off America Online

Reuters: Martha Stewart Living Omnimedia reports a $16.8 million first quarter loss because of a bad deal with KMart and falling magazine revenues

FishbowlLA: The Newspaper Association of America is laying off half of their staff and folding Presstime magazine

Editor & Publisher: Boston Globe publisher P. Steven Ainsley seems optimistic about the negotiations to keep the paper alive