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AOL Buying #3 Social Networking Site Bebo (NYT)
Bebo lacks the hundred million friends of MySpace and the charmed social status of Facebook. But it is the third most popular social networking Web site in the United States and, to the besieged Internet company AOL, it is worth $850 million. AOL said Thursday that it would acquire Bebo and integrate the site with its popular AOL Instant Messenger (AIM), jump-starting AOL's social networking strategy. BusinessWeek: "Bebo's biggest challenge will be to differentiate itself from the likes of MySpace and Facebook," says Mark Mulligan, vice-president for research at Jupiter Researcher in London. Guardian: Michael and Xochi Birch, husband and wife co-founders of Bebo, are expected to leave the company but will walk away with several hundred million dollars.

MTV Green-Lights Paris Hilton Reality Show (B&C)
MTV is saying, "That's hot," to Paris Hilton: The network green-lit a 10-episode series starring the socialite to run during the fourth quarter. Paris Hilton's My New BFF (working title) will star Hilton on a hunt for a new best friend and will be paired with online voting site ParisBFF.com, which launched Thursday. The network planned to announce the series in a press conference in Santa Monica, Calif., Thursday night.

Keller: No 'Unbridled Glee' in Spitzer Blockbuster (E&P)
New York Times Executive Editor Bill Keller is reluctant to use the paper's blockbuster story on Eliot Spitzer's prostitution link as a way to fire back at critics who have taken shots at the paper in recent weeks. But a day after Spitzer resigned in disgrace following the Times' revelations that he had frequented a high-priced hooker ring on several occasions, Keller clearly saw some room to boast. Slate: To make the case that the press serviced Spitzer, the Wall Street Journal's Kimberly Strassel needs to do more than shake her bloody burlap bag as evidence, writes Jack Shafer.

Press Taps MySpace for Pics of Governor's Girl — Can They Do That? (PDN)
Attorneys who specialize in copyright law say media organizations are sailing in dangerous waters if they publish a personal snapshot without permission. "Whoever took that picture owns that picture," says New York attorney Nancy Wolff. "It's either an infringement or they [the news outlets] have to make a fair use argument." Wolff says the news organizations probably decided the risk of a lawsuit was low. Portfolio: Will Spitzer's siren sell her story? Radar: Penthouse publisher Diane Silberstein says she'd be "very, very interested" in talking to anyone who had naked pics of Ashley Alexandra Dupré, particularly if said pics were taken recently and of good quality.

Moonves: American Idol a 'Monster' (Hollywood Reporter)
"It's a phenomenon. If somebody would kill that show, I'd really appreciate it," said CBS CEO Leslie Moonves of Fox's ratings hit. "But it's a national phenomenon, and it continues to do extremely well. It's tough to compete with it." Even with CBS' scripted programming retuning to the air in the coming weeks, Fox's first-place position is expected to hold through the conclusion of the May sweep.

Diller Grilled in Court Over IAC Compensation (FT)
Barry Diller, chief executive of IAC, faced tough questions about his compensation as he told a Delaware court yesterday that a controversial restructuring plan was intended to nurture the Internet company's proposed spin-offs, rather than liberate him from the grasp of controlling shareholder John Malone. "It was in the interest of all those invested in IAC," Diller said of the plan. WSJ: Diller and Malone in settlement talks.

Bad News Travels Fast, And Furiously (WaPo)
Paul Farhi: News of unsavory doings travels so widely and so fast nowadays that the pressure on the accused can quickly become overwhelming. As a result, compared with the pre-Internet era, politicians are less likely than ever to survive a sex scandal with their careers intact. The news about Spitzer came on "like an explosion" says Tom Fiedler, a lecturer at Harvard's Kennedy School of Government.

SXSW's Blogger Mentality (LAT)
David Sarno: In the halls of the Austin Convention Center, you couldn't take three steps without tripping over a blogger, "vlogger," podcaster or online TV show host of some kind. There was so much recording, photo snapping and keyboard tapping that anyone who wasn't wielding a gadget looked just plain weird. "Everyone's a maker," said Veronica Belmont, the host of Mahalo Daily.

Yes, You Too Can YouTube (Forbes)
YouTube has announced the next step in its transformation from destination to application, releasing a set of free software tools that let Web developers create fully functional YouTube players on their own sites. Unlike previous embedded YouTube players, these new tools would allow users on other sites to search the YouTube inventory, comment on and rate videos, and even upload clips.

Local Stations Wary of NPR's Embrace of Podcasts (CSM)
Randy Dotinga: Public radio stations make millions from pledge drives that intersperse the two hit news shows, and NPR hasn't wanted to undercut local stations' fundraising by giving fans another way to hear the programs. But that could change, as NPR considers whether to fully embrace "new media" technology at the risk of bypassing some public-radio stations.

Irish Mogul Tests Dublin Paper in U.S. (NYP)
Sir Anthony O'Reilly, one of the wealthiest men in Ireland, is planning a return business venture in the United States — testing a locally produced version of his Irish Independent daily. Earlier this month he began printing the Sunday Irish Independent at a Long Island City printer and distributed copies in New York City hotels and bars. The U.S. edition has a $3.75 cover price.

Former USAT Reporter, Using 'Anthrax' Contempt Case to Teach J-School Students (E&P)
"I talk about it a lot in class, talking about sources and protecting sources," says Toni Locy, now a West Virginia University professor who is facing massive fines for refusing to reveal sources for coverage of the 2001 anthrax attacks. "It helps them because they have a real world experience standing in front of them."

Blogging and Newspapers, a Lesson in How Not to Brand and Market (Blog Maverick)
Mark Cuban: When I see content branded as a blog, I'm probably not going there unless its via a link from some other source. If I happen to find my way to a given blog multiple times, Im probably going to subscribe to the RSS feed. Even then, I don't ever consider a blog an authoritative source. I don't ever expect that all sources were confirmed and facts were checked. Regardless of who hosts it. That's not a good thing for newspapers.

How the Press Missed a Sea Change in the Credit-Card Industry (CJR)
Dean Starkman: The full story of the credit-card industry's growth, transformation, and impact has been piling up for the better part of a decade. Nontraditional journalistic sources, I believe, did a better job than their mainstream counterparts of documenting the havoc all of this wreaked on the balance sheets of lower- and middle-income families.

Three Mags That Deserve Better Fates (Marketwatch)
Jon Friedman: As a longtime media maven, I confess I'm rooting for three magazines — U.S. News and World Report, the Sporting News and Fast Company — to make it. What they may lack in publicity, they can make up for in terms of quality. They all have a lot to offer discriminating readers.