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Chief Executive of Random House to Step Down (NYT)
Peter Olson, the chief executive of Random House and one of the most powerful figures in U.S. book publishing, will step down in the next few weeks. Olson, who has run Random House since 1998, has come under mounting pressure as Bertelsmann's financial results have been damaged by lower profit at Random House and steep losses in its American book clubs, which he also oversees.

Yahoo Investors May Yank Yang (NYP)
Yahoo shareholders, furious over the company's failure to seal a deal with Microsoft, are contemplating their next moves, including throwing out CEO Jerry Yang and the rest of the company's board. Several hedge funds with large positions in Yahoo have written letters to the board and to Yahoo president Sue Decker explaining their displeasure at how Microsoft's hostile offer was mishandled. NYP: For advertisers, Microsoft's failed bid for Yahoo not only dashed hopes for a viable competitor in the online ad space but also increased the chances of Google tightening its grip on the search market. LAT: Now Google not only gets to watch its two biggest competitors continue to struggle, it also is preparing to bulk up by nearing a deal to place ads on Yahoo's search engine, the Internet's second-biggest. LAT: Yahoo gets hit with the backlash. Slate: No doubt there are some heavy Yahoo shareholders who simply didn't want to give up their independence to the Dark Star of Redmond, but such prejudice is no long-term substitute for strategy, writes James Ledbetter.

Price Just One Factor as Zell Mulls Newsday Bid (Newsday)
As talks continued yesterday for the sale of Newsday, Tribune assessed three similarly structured offers to determine which best fit its own strategic plan and need for debt-bound cash. With a Cablevision Systems offer outweighing the other two on a cash basis, the dilemma appears to be whether Tribune's Sam Zell would risk a relationship with News Corp.'s Rupert Murdoch if he sold to the highest bidder.

CNN's Roberts Declares 'Wright-Free Zone' for Obama Interview (AP via USAT)
CNN's John Roberts declared his interview with Barack Obama on Monday a "Rev. Wright-free zone" to telegraph he wouldn't ask the Democratic presidential contender about the controversy over his former pastor. The reference was flip, but Roberts primarily talked about Iran, the gas tax, and the economy during a six-minute interview with Obama that aired at 6:20 a.m.

NBC Universal Signs Project Runway Producers (LAT)
NBC Universal said Monday that it had signed an exclusive pact with the production team behind the hit cable program Project Runway. The move comes less than a month after Lifetime Networks announced that it had sewn up the rights to the franchise after outbidding NBC. NBC's move means that Weinstein Co., which owns the rights to the show, must scramble to put together a new production team.

MSNBC and the Times Team Up for New Political Show (NYO)
The New York Times and MSNBC are joining forces for a new cable show. Yesterday was the debut of The New York Times Special Primary Edition, a new political show hosted by John Harwood where Times journos will handicap the election. From a memo, it appears these shows will appear as specials — that is, they won't run every week, but whenever MSNBC and the paper choose to do it.

Microsoft to Offer TV Downloads (Variety)
Microsoft is finally going after the TV download market with its Zune device and online network. The company has added more than 800 episodes from congloms including NBCU, MTV Networks, and Turner to its online store as part of a subscription push. The timing is tied to a key selling period for MP3s and a desire to build a social network around those sales.

Warner Bros. to Take Over Daytime Programming for The CW (B&C)
Warner Bros. Domestic Television Distribution will supply programming for The CW's 3 p.m. to 5 p.m. weekday block, according to a pending deal between the corporate cousins. Beginning this fall, The CW, jointly owned by CBS and Warner Bros., will air Telepictures Productions' rookie court show Judge Jeanine Pirro from 3 to 4, followed by a comedy block featuring The Wayans Bros. and The Jamie Foxx Show.

Five Years After Blair Scandal, Howell Raines Has Few Regrets (E&P)
Noting the five-year anniversary of the Jayson Blair scandal, in which a Times reporter was found to have written numerous false stories, plagiarized others, and reported on places he'd never visited, Raines seemed mostly positive. "I am proud of the fact that it set the standard for in-house inquiries," he recalled Monday.

Dan Rather to Cover Primary Tonight for HDNet (Hollywood Reporter)
Dan Rather's back in the saddle again. The former CBS Evening News anchor will be on the air tonight at HDNet for at least two hours of coverage of the North Carolina and Indiana presidential primaries. The coverage, which will partly air in the Dan Rather Reports time slot, will be televised live in front of an audience at the Newseum in Washington, D.C.

Leading Man: Peter Chernin (Forbes)
By many measures Peter Chernin is Hollywood's most powerful man. He runs the most-watched TV network, the largest movie studio, a clutch of cable channels, and an expanding array of Internet sites. Thanks to his reputation as a straight shooter in an industry famous for duplicity, Chernin has also become a leader in keeping the peace with Hollywood's stars. Yet Chernin finds himself in a precarious position.

Nick at Nite Integrating 'Family' TV (Variety)
Nickelodeon is repositioning its evening-based Nick at Nite block as a destination for young families. Once the domain for adults after Nickelodeon's kid audience went to bed, Nick at Nite is adding more original series and events to attract multiple generations.

Words of Wisdom From Reichl (WWD)
Ruth Reichl might recently have led many to believe she disliked her mother after her harsh words in accepting a Matrix Award — but it certainly got her attention and, now, a book deal. Penguin Press, inspired by Reichl's speech, has signed a contract with her to write a tome about the meaning of motherhood past and present and the lack of opportunities available to prior generations.

Fox to Reinforce That TV Is King (Mediaweek)
While many television networks, including NBC and CBS, are approaching the upfront marketplace with sales presentations that include hefty praise and pitches for their digital platforms, Fox is concentrating its efforts on selling television as the overwhelming choice for advertisers to get their best return on investment.

Barbara Walters Interviews Barbara Walters (Salon)
Rebecca Traister: Barbara Walters has essentially produced a printed version of the perfect Barbara Walters TV interview, in which she coughs up tantalizing nuggets about her love life; her troubled childhood; and her own buried insecurities. There are barrels of personal trivia, heaps of solemn self-diagnosis, and more Borscht-belt comedy about her eccentric Jewish relatives than Woody Allen's Radio Days.