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Bob Woodward's Buyout Package: $20K or $360K? (Washington City Paper)
Bob Woodward is leaving the regular payroll of the Washington Post, along with about 100 other Posties who are accepting the paper's generous early retirement package. For the Post's legendary investigative reporter, however, the buyout may not exactly yield a windfall, largely because he has been drawing a salary of $10,000 for the past couple of years. E&P: Former executive editor Ben Bradlee said the combination of upcoming buyouts at The Washington Post and the likely departure of Leonard Downie Jr. is a big change, but not something to cause concern. E&P: The Washington Post will "remain engaged in impactful journalism" and channel "reporting resources into coverage that matters most," executive editor Leonard Downie Jr. and managing editor Phil Bennett told staffers in a memo.

White House Takes Swipe at NBC News (The Hill)
The White House on Monday sent a scathing letter to NBC News, accusing the news network of "deceptively" editing an interview with President Bush on the issue of appeasement and Iran. At issue were remarks Bush made in front of Israel's parliament earlier this week. TVNewser: NBC News responds to The White House letter, saying "Richard Engel's interview with President Bush has been available, unedited, in its entirety, for the past day, on our Web site. Our reporting accurately reflects the interview." HuffPo: Ed Gillespie is pretty much wrong on every count, writes Rachel Sklar. WaPo: White House spokesman Scott Stanzel said that while the administration often criticizes media coverage, it felt that the NBC report "was particularly egregious."

Ballmer Blinks: Microsoft's Yahoo Search Merger Bid Is a Redo (NYP)
Microsoft CEO Steve Ballmer's proposal over the weekend for a possible joint venture with Yahoo has left many wondering what Ballmer meant a few weeks ago when he said Microsoft had "moved on" from the Yahoo deal. Sources said the proposal involves buying Yahoo's search business and taking a minority stake in the remaining company once it spins off Asian assets like Chinese search engine alibaba.com. CNet: Old media merger moves sparked by fear of Google. Guardian: Google may be Yahoo's white knight.

Glenn Beck Signs Huge New Two-Book Deal With Simon & Schuster (NYO)
Conservative radio and television host Glenn Beck has just finished signing a huge new two-book deal with Simon & Schuster imprint Threshold Editions. According to a source with knowledge of the deal, the agreement will net Beck, the host of Headline News' Glenn Beck, approximately $3 million. The initial print run will be a whopping 750,000 copies.

John McCain's Rapid-Fire Responders Turn the Media Rebuttal Into a Savvy Campaign Tactic (WaPo)
While Sen. John McCain enjoys an image as a media darling, based largely on his bantering relationship with reporters on his bus, he and his presidential campaign aides have been hitting back hard against high-profile news reports they regard as inaccurate or unfair. The result is a more contentious relationship between the presumed Republican nominee and major news organizations than is publicly apparent. Slate: Will HDTV do to McCain what TV did to Nixon? Salon: Why the press gives McCain a pass for consorting with batshit holy men, but condemns Obama to talk-show hell for the same sin.

Boston Is Bad News for NYT Co. (NYP)
The New York Times is getting dragged down again by declining business at its Boston Globe group, which Wall Street investors want the Times to dump to protect the mother ship. The Globe unit's ad revenue in April tumbled 12 percent in the widening economic slump, while the Times withstood serious declines with just a 0.7 percent drop in its ad revenue. Reuters: Internet advertising revenue in the news media group rose 25.6 percent because of better display and classified advertising results.

SEC Sues Ex-AOL Executives Over Inflated Revenue (Bloomberg)
Eight former America Online Inc. executives, including chief financial officers John Michael Kelly and Joseph Ripp, were sued by U.S. regulators for allegedly helping overstate Internet advertising revenue by more than $1 billion from 2000 to 2002. Four of the executives agreed to pay more than $8 million to settle a U.S. Securities and Exchange Commission lawsuit, the agency said in a statement. NYT: The specific allegations made by the S.E.C. in two civil lawsuits are well-trodden territory. The company settled the charges three years ago. But the action is the most far-reaching yet against executives.

Netflix to Sell a Device for Instantly Watching Movies on TV Sets (NYT)
Netflix is now offering its 8.2 million subscribers an option to watch movies easily on their televisions without involving the post office. Working with a small Silicon Valley company, Netflix will begin marketing a $99 device today that will allow customers to play thousands of movies and shows on their televisions instantly, for no charge beyond their normal subscription fee.

John King Looks Beyond The Wall (TVNewser)
With his four-year contract up Dec. 31, CNN's chairman of the board is suddenly a hot commodity. Chief national correspondent John King, whose visibility has skyrocketed since he became BFF with CNN's snazzy new election "multi-touch" board, is attracting interest from competitors. "I'd be an idiot if I didn't talk to people and see what's out there," says King, 45.

Gannett Revenue Drops 7.7 Percent in April (AP)
Gannett Co., the nation's largest newspaper publisher, said Monday its operating revenue fell 7.7 percent in April. Total revenue for the period ending May 4 fell to $639.6 million from $693.3 million in the comparable period a year ago. Publishing advertising revenue fell 10.4 percent to $410.9 million, hurt by the shift of Easter into March this year.

Viacom Pay TV Venture Has Its CEO (Hollywood Reporter)
Former Showtime exec Mark Greenberg on Monday officially was appointed president and CEO of the new premium TV channel and VOD service being launched by Viacom and its Paramount Pictures unit, Lionsgate and MGM. Viacom president and CEO Philippe Dauman said Greenberg "was our first and only choice" for the job.

Newspapers on Upswing in Developing Markets (NYT)
While gloom haunts the newspaper industry in the United States and Europe, the business is flourishing in much of the developing world. New newspapers — some backed by governments, others by business moguls and international conglomerates — are springing up from Rwanda to Tajikistan, attracting readers and advertising money.

Karl Rove's Sly Deal With Fox (Salon)
Amanda Terkel and Matt Corley: Fox News hosts routinely introduce Karl Rove as a "former senior advisor to President Bush," "the architect," a "political wizard," and a "famed political consultant." But never has he been introduced as he should be — as an informal advisor and maxed-out donor to John McCain's presidential campaign.

AOL Closes Purchase of Social Network Bebo (AP)
Time Warner Inc.'s AOL unit said Monday it completed its acquisition of Bebo, a global social media network. The San Francisco-based company, which AOL agreed to buy in March for $850 million, will form the centerpiece of AOL's newly created People Networks business unit. People Networks will integrate AOL's other community applications and tools, including instant messaging, chat, and email into Bebo.

Where Have Balance and Civility in the Media Gone? (HuffPo)
John Farr: The sorry, frenetic state of media today is one reason I look forward to a world where content is fully on-demand. For those adventurous (or fed up) enough to seize the opportunity, soon there will be better programming — and improved lifestyle choices — available, solid information and insight that will be easier to find and access than it's ever been.