Click here to receive mediabistro.com's Daily Newsfeed via email.

News Corp. to Acquire TechCrunch? (Valleywag)
Nicholas Carlson: A startup founder tells us that, over the weekend, he and his friends overheard TechCrunch writers celebrating the sale of Michael Arrington's blog to News Corp.'s Fox Interactive unit. The source tells us that the deal has been signed, but TechCrunch is waiting for its summer party at August Capital's Sand Hill Road offices to announce it.

Fired Woman Sues Perez Hilton for $25 Million (TSG)
An Ohio woman who lost her job after blogger Perez Hilton posted an email in which she called him a "FAT GAY PIG" and Angelina Jolie a "fag lover" is suing the online columnist for $25 million for publishing her name and email address, which she claims triggered hundreds of angry letters and phone calls from fans of the gossip site.

For Teens, the Future is Mobile (CNET)
Marketers convened here this week to figure out how best to reach teens on the Internet. The answer: It's all about the mobile phone. Advertisers are clamoring to reach teens in digital environments because that's where they're spending much of their time -- either online, with cell phones, or playing video games. What's more, teens wield an estimated $200 billion annually in discretionary spending.

GM's Ad-Spending Cuts Likely to Hurt Media (WSJ)
General Motors Corp., one of the country's largest ad spenders, said Tuesday that it is cutting its sales and marketing budget, a move expected to create pains for the advertising and media sectors. General Motors was the fourth-largest advertiser in the U.S. in 2007, spending $2.1 billion last year, according to ad-tracking firm TNS Media Intelligence.

AJC Announces Section Changes, Staffing Cuts (AJC)
The Atlanta Journal-Constitution will cut its workforce by 8 percent, or about 184 jobs, and eliminate all of its geographically targeted news sections as part of a cost-cutting plan announced Wednesday. The moves come amid an advertising revenue slump that has ravaged the newspaper industry and has been made worse by rising costs for fuel and newsprint, executives said.

If Journos Aren't Asking the Right Questions About Gas Prices, Then Who Is? (Portfolio)
Howell Raines: As journalism has passed from a hungry to an elite profession, there's no shock value in the fact that Exxon Mobil paid only $5 billion in U.S. income taxes last year while it paid $25 billion to foreign governments. Then there's the problem of letting general-assignment reporters, rather than energy specialists, cover gasoline prices mainly as a story of consumer suffering.

More Newsfeed here...