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NBC News Shake-Up: Two Bureaus to Close (TVNewser)
Insiders tell TVNewser the current NBC News global news gathering system is in for an overhaul. Sources tell us a 9 a.m. ET conference call among News division execs and the bureau managers will announce that the current system will be replaced with regional hubs covering large areas of the U.S. and, in some cases, the world.

Yahoo Talking With News Corp. About Web Asset Link-Up (NYP)
The talks between Yahoo and News Corp. are real — the chances of a deal, however, are remote. Sources familiar with the situation confirmed that Yahoo and News Corp. have been in exploratory discussions over the last few days about merging Fox Interactive Media, which includes MySpace, with Yahoo in return for an equity stake in the combined company. LAT: Wall Street isn't giving much credence to this or other alternatives explored by Yahoo's board, such as a merger with Time Warner Inc.'s AOL.

Hewlett-Packard Settles Journalist Spying Case (NYT)
Hewlett-Packard has agreed to a financial settlement with The New York Times and three BusinessWeek journalists in connection with the company's spying scandal that stemmed from surreptitiously obtaining private phone records. The parties to the dispute declined to disclose the amount of the settlement, which was reached privately and not as a result of a lawsuit.

Tribune Co. to Cut Staff By About 2% (LAT)
Tribune Co., struggling with declining revenue, said Wednesday it would cut staff by 400 to 500 people companywide, or about two percent of the Chicago-based media company's workforce. At the Los Angeles Times, 100 to 150 jobs would be eliminated — 40 to 50 of them in the newsroom — through a combination of attrition, voluntary buyouts and, if necessary, layoffs, publisher David D. Hiller said. E&P: "Disturbing" Tribune cuts are no surprise to union leaders.

NBC's Silverman Sells Production Company (LAT)
NBC Entertainment co-chairman Ben Silverman on Wednesday sold his television production company to London-based Shine Ltd., owned by media baron Rupert Murdoch's daughter Elisabeth, for $125 million. Formed in 2002, Reveille is one of the few major independent TV companies that has flourished in an era when media giants control both entertainment production and distribution.

Writers Get Back to Work (NYT)
Facing his writing staff on Wednesday for the first time since the end of a 100-day strike, Shane Brennan, the co-executive producer of the CBS drama NCIS, asked a question that drew blank stares. "Can anyone remember what we were working on three months ago?" Similar scenes played out in dozens of writers' conference rooms in New York and Los Angeles. WaPo: After the strike, networks prime the prime-time pump. Variety: While most writers headed back to work Wednesday, scribes who took a force majeure hit last month are still figuring out what comes next. At least 100 writers were cut from studio rosters in January as the studios took advantage of the strike to trim overhead.

Los Angeles Times Launches Free Weekly (AdAge)
Sam Zell's Los Angeles Times has introduced its first stand-alone print weekly, a culture and nightlife freebie — one that was reverse-engineered from a Times Web site that went live last summer. The new tabloid and the site, both called Metromix Los Angeles, represent a push by the Times to finally get its hooks into the young-adult Angelinos who rarely buy the morning paper.

Hulu Lands Time Warner, Viacom Deal Still Closing (Valleywag)
Time Warner and Viacom video content will soon run on Hulu, the Web video joint venture from NBC Universal and News Corp. The Time Warner deal is done, while Viacom's is "not totally signed," a source says. Both deals are said to be nonexclusive.

Blogging Leads to CNN Producer's Dismissal (TVNewser)
TVNewser obtained an email that American Morning EP Edward Litvak sent Tuesday night to the AM staff: "Chez Pazienza has left American Morning and CNN. We wish him well in all of his future endeavors." A CNN insider tells TVNewser Pazienza was let go because, "he did not get permission to publish personal writings." Those personal writings come from The Huffington Post, where Pazienza has been blogging since January 23.

Advertisers Turning Oscar Night Into Another Super Bowl (NYT)
Marketers will spend an estimated $1.6 million for each 30 seconds of commercial time during the program, and many are planning to run spots previously unseen by consumers. They are treating the Oscar show as if it were the Super Bowl, when viewers pay more attention to the commercials because they have been conditioned to expect new spots that are the best of Madison Avenue.

Teen Vogue Names McEwen Publisher (Mediaweek)
Laura McEwen was named publisher of Teen Vogue, succeeding Gina Sanders, who recently was tapped to lead Condé Nast sister fashion pub Lucky. Sanders' move was part of a larger executive shakeup in January at Condé Nast. As part of those changes, Vogue publishing director Tom Florio was given responsibility for Teen Vogue, adding to his oversight for Vogue offshoots Men's Vogue and Vogue Living.

Showtime 'Firing on All Cylinders,' Says CEO (TV Week)
Showtime is gearing up to produce pilots of new series and new episodes of its returning shows. At a state-of-the-network breakfast, CEO Matt Blank said the premium channel was "no longer second-best to anybody" — a reference to its premium-cable rival HBO. In the past year it has added 1.3 million subscribers, raising its total to 15.6 million, and rang up record revenues and cash flow, he said.

Time Inc. Staffer Complains About SI Swimsuit Edition: 'My Company Made Me Look at Porn' (Folio:)
Every year around this time, when Sports Illustrated unveils its annual swimsuit issue, columns criticizing the issue for its titillating content seem to wash up on shore. However, they're usually not written by employees of SI's parent company. And they're certainly not published on one of the parent company's blogs, like this one on Time.com.

Chris Matthews Pulls No Punches (WaPo)
Howard Kurtz: On his show, on the street, on the phone, on the party circuit, this 62-year-old refugee from Democratic politics wants to tell you what he thinks. Now. Right away. Not after the next commercial break. Not after the guest finishes talking. He blurts out what's on his mind, seemingly without a filter. And that quality, which is the essence of his television success, also keeps getting him into trouble.

Grey's Anatomy Star 'Mortified' By OK! Cancer Claim (Us Weekly)
Eric Dane's "fight against cancer" was not nearly as dramatic as it sounds. OK!'s February 18 issue sensationalized the fact that the Grey's Anatomy actor had some malignant cells on his lip frozen off with liquid nitrogen in a doctor's office. "Eric Dane does not have cancer," his rep says. "His story certainly does not compare with those actually suffering from the disease."