The New York Post's Media Ink columnist Keith Kelly reports that New York Times business editor Larry Ingrassia is shopping a book proposal to publishers on the $5 billion Murdoch takeover of Dow Jones. Joseph Nocera -- a business columnist for The Times -- was originally involved, but pulled out, leading Kelly to wonder if the book will ever even get off the ground.

The low six-figure advance figure that was to be divided two ways between Nocera and Ingrassia has been met with a ''cool'' response from publishers, according to kelly. Contrast that with Michael Wolff's significantly larger high six figure deal from Doubleday. Despite the monetary difference, Wolff and Nocera-Ingrassia were both represented by Andrew "The Jackal" Wylie.

The Times newsroom, Kelly also notes, is not happy about an editor negotiating an outside business deal with ''someone who reports directly to him in his day job.'' Oy veh. And did we happen to mention Ingrassia's brother is an executive at Dow Jones about to exit? From The Post:

'''It is fraught with conflicts of interest,' said one insider. 'Larry was supervising coverage of the deal and he never told the newsroom he was working on a book. Presumably, he knew who all their confidential sources were.'''

Conflict of interest?

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