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Yahoo Under Pressure After Microsoft Deal Collapses (FT)
An expected realignment of the consumer Internet sector was thrown into doubt over the weekend after Microsoft's surprise abandonment of its $46.5 billion offer for Yahoo. The move is set to put pressure on senior executives of both companies, as one of Yahoo's largest shareholders criticized both sides for failing to agree a deal. AP: Many analysts believe Yahoo's stock price, which had climbed nearly 50 percent since Microsoft's initial offer, will surrender most, if not all, of that gain. NYP: Having abruptly left Yahoo at the altar over the weekend, Microsoft's Steve Ballmer is now under the gun to do something with the $46 billion check he was prepared to write the Internet target's shareholders. LAT: Yahoo Inc. chief executive Jerry Yang and his team were "elated" when Microsoft withdrew its three-month-old offer Saturday, said one person close to Yahoo management, even after the software giant expressed willingness to add about $5 billion to its $42-billion bid. But their jubilation might be short-lived. NYT: Now, there is no clear prospect of a quick fix for Microsoft, as the center of gravity in computing continues to move away from the personal computer, Microsoft's stronghold, and to the Internet. NYT: "If the stock drops as far as I think it will, a lot of employees are going to be angry and many key employees could leave," said a Yahoo executive. NYT/Dealbook: Calculating the value of a failed merger.

No Budging Is Detected in Bidding for Newsday (NYT)
Rupert Murdoch does not plan to raise his bid for Newsday in an attempt to match a higher offer from Cablevision, while Mort Zuckerman hasn't signaled whether he will increase his offer. But Cablevision's $650 million bid includes the newspaper's real estate, and therefore the difference between its offer and the $580 million offers from Zuckerman and Murdoch's News Corp. is smaller than it first appears.

Press Cools on Obama (WaPo)
Howard Kurtz: The man who tried to soar above politics has been brought back to earth by the same media organizations that helped fuel his spectacular rise. After more than a year of mostly glowing coverage, Barack Obama is having to defend his relationship with the Rev. Jeremiah Wright, his temerity in not sporting a flag pin, even his arugula-loving, bad-bowling, let-me-eat-my-waffle persona.

McLean Jumps to VF (NYP)
Bethany McLean, co-author of a best-selling book about the Enron debacle, is leaving Fortune after a 13-year run to jump to Graydon Carter's Vanity Fair. McLean co-authored The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron with Fortune investigative reporter Peter Elkind.

Marie Claire Looking for Runway Partnership? (WWD)
Is another magazine already haggling to become a partner with Project Runway once its contract with Elle runs out? The Hachette Filipacchi Media title is contracted to the reality show through its fifth season, the last on the Bravo network. But season six of Project Runway will be broadcast on Lifetime, and the existing contracts between the show and its partners are being renegotiated.

Final Bids Due in Sale of Entrepreneur Media (Folio:)
A source said the sale of Entrepreneur Media may happen as soon as the middle of May, perhaps as early as the 8th. The source said that the process, which started in early February, now includes the financial-services firm A.G. Edwards among the potential buyers, as well as Dow Jones, R.H. Donnelley, and possibly USA Today. Another potential bidder, Elevation Partners, has bowed out.

Web Social Networks Friendly to Identity Thieves (LAT)
Social networking sites, which let users create detailed profile pages and connect with friends, are becoming the hot new thing for identity thieves, both amateur and professional. As improved spam filters and skeptical consumers make bogus email less successful, scam artists are taking advantage of the atmosphere of trust that exists within these online circles of friends.

Mag Editors — And Tina Brown! — Issue Shocking Miley Verdicts (New York)
Could there be a more fitting crowd with which to discuss Miley Cyrus' Vanity Fair picture than those who attended American Society of Magazine Editors' awards ceremony last Thursday? New York hit up the biggest honchos in the room to get their opinions on the brouhaha.

An Upstart Up Against a Jewel (NYT)
Morning Edition is National Public Radio's crown jewel. Nearing its 30th birthday, it draws 12.9 million listeners weekly, making it the third-highest-rated radio show in the country. So why would a local public radio station — even a powerhouse like WNYC, with its $38 million annual budget — want to take on Morning Edition?

Bold Ad Promise From TV Guide: Ratings Will Rise (TV Week)
While most networks guarantee their advertisers certain ratings, TV Guide Network is guaranteeing its clients' ratings will be higher. NBC Universal signed a multimillion-dollar deal with TV Guide to promote shows including Lipstick Jungle and American Gladiators on TV Guide Network, as well as in TV Guide and on TVGuide.com and TV Guide interactive program guides.

How Much for Those Baby Photos? (NYT)
Writing an enormous check for a celebrity photo spread and interview has become pretty routine for People and OK!. So the question is, is it worth it? Can a few snapshots of a baby or a bride, accompanied by a fawning article, really be worth millions of dollars? On the whole it probably is, industry executives and consultants say.

Magazine Awards, Now With Fewer Deadly Ingredients (AdAge)
Simon Dumenco: I'm hereby announcing the American Magazine Vanguard Awards (AMVA's), which recognize both big and small innovators: magazines that are taking new, smart, necessary risks in extending their franchises off the page. A few examples of potential nominees include Dwell, Fast Company, and Dub.

Revolving Door Newsletter: TV Guide's Bleak Tomorrow (mediabistro.com)
Once the world's top-selling magazine on the newsstand, soon TV Guide may no longer be with us. Last week brought word that the magazine's new owner, Macrovision, has "gutted" the magazine's staff, including editor-in-chief Ian Birch, managing editors Lois Draegin and Steve Sonsky, and the marketing department.

Bob Schieffer Could Bail Out CBS — Again (Marketwatch)
Jon Friedman: CBS may soon have to replace CBS Evening News anchor Katie Couric, who has held that job since September 2006. Dogged by terrible ratings and endless criticism of her work, the embattled Couric is expected to announce she'll be leaving the network before year-end. Bob Schieffer could work his magic once again if Couric decides to leave the evening-news anchor position.

Ex-Rocketboom Host Amanda Congdon Returns to Web Video (NewTeeVee)
Amanda Congdon, famous for hosting pioneering video show Rocketboom and then famous for making a big fuss about leaving, is coming back to online video on her own terms. She's posted a teaser for what looks to be a new ensemble comedy show, Sometimesdaily.