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Davan Maharaj Named Managing Editor of the L.A. Times (LAT)
Los Angeles Times editor Russ Stanton reconfigured the paper's masthead Wednesday, elevating business editor Davan Maharaj to managing editor and naming managing editor John Arthur to the new position of executive editor. Maharaj, business editor since February 2007, assumes oversight of the Foreign, National, Metro, Sports, and Business departments. FBLA: Sources inside the newsroom say Davan is "a great guy who was a terrific reporter." But there is some concern about his resume: "He's also one of the least experienced MEs in history. Time will tell — and probably not much time." FBLA: The official press release.

Apple 2Q Profit Jumps 36 percent (AP)
Apple Inc.'s fiscal second-quarter profit jumped 36 percent on blistering sales of Macintosh computers — and beat Wall Street estimates — but its stock dipped on a lower-than-expected profit forecast. NYT: Amazon.com posts 37 percent revenue growth for the first quarter.

Yahoo-Google Test Gets Antitrust Scrutiny (LAT)
Yahoo Inc.'s short experiment with outsourcing some of its Web-search ads to Google Inc. has drawn scrutiny from antitrust regulators, the companies said Wednesday. Yahoo and Google said they had provided the Justice Department with unspecified information in response to questions about the two-week test.

Bancroft Doyenne on WSJ Editor's Ouster (Portfolio/Mixed Media)
For the members of the Bancroft family who opposed selling The Wall Street Journal to Rupert Murdoch, the news that he has forced out managing editor Marcus Brauchli brings a chance to say those bittersweet words: "I told you so." Jane Cox MacElree, who controlled 15 percent of the family's Dow Jones shares, says "I'm not surprised." NYT/Dealbook: As Murdoch spends, some shareholders worry.

Oxygen Rebrand Caters to 'Generation O' (Mediaweek)
Oxygen is getting rebranded in June as part of an effort to focus in on an audience that it's dubbed "Generation O." The network, which on Wednesday made its first upfront presentation to advertisers since being acquired by NBC Universal last year, also said it's introducing a scheduling strategy that will see a new show or episode premiering every Tuesday at 10 p.m.

Condé Nast Eyes Eye-Tracking (Folio:)
By collecting and analyzing data like "first gaze" and a person's vision path across a page or screen, publishers can use the information to help design covers, monitor the effectiveness of advertisements and help plan Web site redesigns — and they are beginning to do so. Conde Nast recently partnered with eye tracking service provider MediaAnalyzer to analyze the effectiveness of its clients' ads.

Sam Zell's New Mantra: Sell Low! (CNNMoney.com/Fortune)
Tribune is selling one of its most prominent papers for six times cash flow — even though Daily News owner Mort Zuckerman and New York Observer proprietor Jared Kushner were also chasing the tabloid. Newspaper industry analyst John Morton isn't surprised: "If it weren't for the fact that there were several prospective buyers, it might be going for as low as five times."

New York Times Opens Door to 'Welcome Ads' (AdAge)
Web sites are continuing to explore just how far ads should creep across their sites without bothering visitors too much. The most recent example came yesterday, when The New York Times for the first time allowed a full-page ad to interrupt people trying to reach NYTimes.com for their initial visits of the day.

McClatchy Reports Loss on Ad Sales Slump (Reuters)
McClatchy posted a net loss on Wednesday because plunging advertising sales hurt newspapers in some of its most important markets. The company also said the ad slump would continue in the second quarter. McClatchy said it would buy back for cash up to $250 million of its public debt, much of which it took on in its ill-timed purchase of the Knight Ridder newspaper chain in 2006.

Bob Woodruff to Anchor Weekly Eco-Newscast (TVNewser)
ABC News anchor Bob Woodruff will anchor a weekly series for the new Planet Green channel. The show premieres in July, and will be an eco-newscast focusing on subjects ranging from climate impact to political debate.

Brown Protesters Give Thomas Friedman a Pie in the Face (FishbowlNY)
Last night at Thomas Friedman's Brown University talk about the economic and foreign policy implications of green technology, The New York Times columnist got an unexpected surprise: a pie in the face. After the incident, Friedman initially continued his speech before going backstage for a brief period to clean himself off. He eventually returned to the stage and delivered his lecture. Gawker: The video.

Is Microsoft's Ballmer a Bad Dealmaker? (USAT)
The bid for Yahoo that helped sink the market value of Microsoft by more than $20 billion in one day in early February is one of the latest in a string of acquisitions and major investment stakes Microsoft has initiated since CEO Steve Ballmer took over in 2000 that have been punished by the stock market as misjudgments.

Talking Up Imus (Forbes.com)
Jim Brady: Last Friday, I called WABC radio honcho Phil Boyce in Manhattan to get some specifics about Imus' return. "We've got him on about 40 stations now," said Boyce. "The old show (the one based on WFAN) claimed about 62, but we've only been able to confirm 47. So we're getting close to level.

Katie Couric for Larry King? (Newsday/The TV Zone)
Verne Gay: King did not secure a guarantee to continue anchoring the 9 p.m. hour, which — I am reliably told — opens the door wide for Couric when she leaves CBS after the inauguration, as she almost certainly will. This speculation of Katie-for-Larry has swirled around for years. TVN: King's agent, John Ferriter, tells TVNewser, "I can tell you that it is a two year extension of the exact same deal and job."

Flag Pins: Who Wears 'Em (HuffPo)
Rachel Sklar: Since the flag pin theme keeps on popping up again and again, ETP decided to look at a random day in the news cycle (pre-primary Monday) and see just how patriotic the media, candidates, and various people orbiting the campaign actually are — and who wears their hatred of America as surely as an unencumbered lapel.