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Hearst CEO Steps Down (BusinessWeek)
The Hearst way of doing things has always been to be conservative, be private, and never acknowledge internal strife. So the announcement that CEO Victor Ganzi would be stepping down because of his "irreconcilable differences" with the board was very un-Hearst-like. The board grew frustrated with Ganzi's strategy to take minority interests in outside companies rather than making bigger bets. Folio:: Hearst's board of directors has formed a search committee to replace Ganzi as CEO and plans to "explore a full range of options," the company said. In the meantime, former Hearst CEO Frank Bennack Jr. will fill in as CEO. NYT: The ouster of a media chieftain is usually preceded by public signs of trouble, but Ganzi's fall after six years came as a surprise to executives at Hearst and some of its major joint venture partners, and to investment bankers who track the company closely. NYP: "I am stunned. I am honestly shocked," said one executive inside the company. With Ganzi out, the privately held company, which is believed to have annual revenues of around $4 billion, must figure out to how to survive in the digital age.

After Russert, Replacing the Irreplaceable (TVNewser)
NBC News president Steve Capus will hire "numerous people" to replace Tim Russert, he said tonight. Russert served so many roles at the network that he can't possibly be replaced by one individual, Capus said. "You're talking about somebody who was the political compass inside the news division," Capus said. "Tim was truly irreplaceable. That being said, each of those roles needs to be filled." NYT: Russert's son sounds a theme of unity at funeral. WaPo: From the three network anchors to a former governor to the Buffalo nun who taught him in seventh grade, Tim Russert's extended family bid farewell yesterday to "an unmade bed of a man, with an armful of newspapers and a cellphone to his ear," as Tom Brokaw described his colleague.

Susanne Daniels Will Leave Lifetime Networks (LAT)
The story of Lifetime Networks took a surprise twist of its own Wednesday when entertainment president Susanne Daniels announced that she was leaving her post. Daniels, who has overseen programming for Lifetime Television and Lifetime Movie Network for the last three years, developed the hit show Army Wives for the resurgent network. B&C: Daniels had headed up all programming for the network and its companion Lifetime Movie Network, as well as Lifetime Real Women.

Meredith's Editorial Director, Mike LaFavore, Quits Post (Mediaweek)
Publishing vet Mike LaFavore is quitting as editorial director of Meredith Corp.'s magazines, a newly created position that he assumed in October 2005. LaFavore, the founding editor of Men's Health and former editor of TV Guide, said he told Meredith Publishing Group president Jack Griffin a month ago of his plans to quit and agreed to wait until the end of the quarter that ends June 30.

Susan Lyne May Land With Oprah (Fortune)
High-placed media-industry sources say that Susan Lyne has been in touch with Oprah and her folks about running OWN, the Oprah Winfrey Network. Lyne, who quit the CEO post at Martha Stewart Living Omnimedia last week, won't comment. Nor will Oprah. But the cable startup would be a natural fit for Lyne, 58, since she once co-headed ABC Entertainment.

Beijing Continues Search for Balance With Media for Olympics (WSJ)
China's promise to open its doors to unfettered media coverage during the Olympics is hitting a roadblock. Television media companies are locked in a stalemate with Beijing officials over the ability to broadcast live from non-Olympic venues in Beijing during the Summer Games.

Puzo Heir on Godfather Video Game Profits: Let Me Wet My Beak a Little (Reuters)
The son of author Mario Puzo who created The Godfather sued Paramount Pictures on Wednesday, saying it had failed to hand over any of the revenues from a video game based on the book and award-winning movie. In court documents filed in the Los Angeles Superior Court on June 18, Anthony Puzo of New York said he was claiming at least $1 million in damages for breach of contract.

Court Approves Ziff Davis' Bankruptcy Restructuring Plan (Folio:)
Ziff Davis Media has announced that a New York court has confirmed the company's reorganization plan, and that it expects to emerge from bankruptcy protection as early as July 1. In April, Ziff Davis said it had reached an agreement with the company's senior secured noteholders and official committee of unsecured creditors, effectively allowing it to exit from Chapter 11 bankruptcy protection.

News International to Close Mags Division (WWD)
News International, Rupert Murdoch's British newspaper business, is set to close its consumer magazine division, called News Magazines, a spokeswoman in the U.K. said Wednesday. "We can confirm that we will disengage from the magazine business," she said. "It will allow us to focus on our core business as the U.K.'s largest national news publisher."

Slate Snags Salon's Farhad Manjoo (Silicon Alley Insider)
The journalism job market is dicier than ever these days. But as Valleywag notes, now is a good time to be an established tech writer looking to land a new job at a big publisher: Newsweek's Steve Levy has jumped to Wired, Forbes' Dan Lyons is headed to Newsweek, the WSJ's Rebecca Buckman is headed to Forbes, etc. The newest player on the carousel: Farhad Manjoo, who jumps to Slate next month.

Old and New Media Still Squaring Off in Jockland (Boston Phoenix)
Adam Reilly: For the most part, the pre-Web media establishment is slowly making its peace with the very technology that will either destroy journalism (if you're pessimistic) or utterly reshape it. For some reason, though, this coming-together of the typewriter and podcast sets doesn't extend to sports, where sports writers regard their Web-based successors with a potent mix of contempt and rage.

Traditional Media Not Dead Yet for Marketing, Study Says (NYT)
A study released on Wednesday finds that ads appearing in traditional media like television are still "much more likely" to have made a positive impression with consumers than ads on digital media. 56 percent of survey respondents said traditional media ads made a positive impression, in contrast to 31 percent who said that about digital media ads.

Former WH Reporter 'Jeff Gannon' Now a National Press Club Activist (E&P)
If you ever wondered what happened to Jeff Gannon, the former conservative reporter whose questionable White House credentialing and ties to several sex Web sites forced him out of a job, wonder no more. The one-time reporter for Talon News is still in the Washington news game. This time at the National Press Club.

Icahn Blog to Go Live Today (Reuters)
The New York Post can finally drop its Carl Icahn blog-watch timer. The long-delayed Icahn Report blog is going live today, the financier and corporate agitator said on Wednesday. The billionaire investor first disclosed that he will join the blogosphere in February, offering up anecdotes and a running commentary on what he describes as the desultory state of corporate governance in America.

Fox to Borrow From Brit TV (Variety)
As the networks step up their interest in overseas formats, 20th Century Fox TV has sealed a production and programming pact with the top-rated U.K. commercial network/producer ITV. Under the deal, 20th will get a crack at mining ITV's roster of series for potential development in the U.S., while ITV will do so likewise with 20th fare in the U.K.