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It's On: Murdoch and Dow Jones Agree on Editorial Safeguards (AP via Forbes)
Dow Jones & Co. and News Corp. agreed broadly on measures to protect the editorial independence of the Wall Street Journal under ownership by Rupert Murdoch's media conglomerate, clearing away a major hurdle in the way of a deal. Details of the agreement remained unclear, and any deal must still be approved by the full membership of Dow Jones' controlling shareholders. NYT: The tentative agreement includes a framework for selecting the top editors at the paper. NYP: Although the agreement will still need to win the Bancroft family's approval, the breakthrough helps clear the way for sale talks to proceed. WaPo: Yesterday's agreement came three days after Murdoch hinted that he might retract his bid. CNNMoney/Media Biz: Experts divided on whether Murdoch is a genius or certifiably insane for pursuing the deal.

Us Won't Always Have Paris (NYP)
People magazine was busy conducting its exclusive Paris Hilton interview yesterday, and it is expected to be the cover of the issue due out Friday. Us Weekly, meanwhile, has slapped a "100% Paris Free" on its front cover. "We don't have one single mention in the entire issue," said Us editor-in-chief Janice Min.

Jurors Expected to Get Conrad Black's Case Today (NYT)
After nearly 15 weeks in court, lawyers in the trial of the former media baron Conrad M. Black neared the end of their arguments yesterday, with the jury expected to begin poring over 100 pages of jury instructions starting today. NYP: Eager to start deliberating, three jurors told the judge presiding over the case that they were willing to stay into the evening yesterday so the prosecution could wrap up its case.

New Yorker Cartoonist J.B. Handelsman Dead at 85 (AP via USAT)
Handelsman, who applied his dry wit to subjects ranging from politics to popular culture while creating nearly 1,000 New Yorker cartoons, has died of lung cancer. Handelsman, 85, died June 20 at his home in Southampton, N.Y., the magazine said Tuesday.

What Will Ben Silverman Think of Next for NBC? (LAT)
The new NBC entertainment chief is on a mission to "bring sexy back" to the downtrodden peacock network. Hollywood has been captivated by the sudden arrival of this charismatic, 36-year-old party boy. The question for many is whether the corporate constraints of NBC will change the free-spirited Silverman or whether it will be Silverman who changes NBC.

Perez Hilton In Alien Paparazzi Suit (TSG)
Filed Monday, Mario Lavandeira's complaint alleges that the X17 photo agency's owners engage in "illegal and unethical business practices" and that they exploit the company's photogs, many of whom are "from Brazil or other countries" and are "believed to be illegal aliens." He also says the agency may "employ photographers with criminal backgrounds and/or gang affiliations."

MySpace Pair Looking To Loot News Corp. (LA Weekly/Deadline Hollywood)
MySpace founders Chris DeWolfe and Tom Anderson have made a very aggressive (some would term it rather fanciful) compensation proposal to owner News Corp. for when their contract is up in October. They're asking Peter Chernin and Rupert Murdoch for a 2-year-deal worth $50 million total. Plus, the pair want a development fund of $15 million to invest in internet companies.

How a Reporter Wrote Front-Page Stories in NYT and WaPo on the Same Day (E&P)
Although Jo Becker has only been at the Times for less than a month, she may well have accomplished a feat few in the paper's history ever will. On Monday, she had a front page byline in both papers. The subjects: Dick Cheney and Rupert Murdoch.

Potter Book Sells for $18,000 at Auction (AP via Chicago Tribune)
A first edition Harry Potter book fetched $18,000 at auction Tuesday. First editions of Harry Potter and the Philosopher's Stone — published in the United States as Harry Potter and the Sorcerer's Stone — are valuable because of their rarity, the auction house said. The publishers produced between 500 and 1,000 copies in the book's first run.

Why Vanity Fair Can't Find Africa (CJR)
Gal Beckerman: The Vanity Fair Africa issue was, I'm sure, born out of good intention. But, in the end, it's hard to avoid the feeling that what it actually achieves in the end is to convince us of those good intentions. Nothing more. And that, for Africans, both those who desire help and those trying to help themselves, is not even close to enough.

New Yorker Writer Goldberg Heads to Atlantic (WWD)
Not many correspondents leave the hallowed halls of The New Yorker, but the Condé Nast weekly has just lost a big one: Jeffrey Goldberg, its Washington correspondent, who's leaving to join the cerebral literati's other favorite mag, The Atlantic, as a national correspondent. The last departure at this level of The New Yorker was two years ago.

Media Conglomerates Time Is Past, Panel Says (Hollywood Reporter)
"Consolidation in the old media world destroys value," said Laura Martin, founder and CEO of Media Metrics LLC. "They are buying stuff (and audiences) because they don't know what else to do." She argued that online and digital deals with a monetization rather than a traffic focus are key, citing Google as a firm that has made smart acquisition decisions.

Rosie's War Tot Freaks Fans Out (NYDN)
Rosie O'Donnell is sparking shock and awe by posting a photo on her blog of her 4-year-old daughter dressed in camouflage clothes and ammo belts. A normally strident anti-war and gun-control advocate, O'Donnell is getting flak from fans who find the photo of her Vivian Rose disturbing.

Germans Protest Mag Cover With Nude Merkel Montage (Der Spiegel)
It's not the first time the Polish weekly Wprost has gotten in trouble in Germany. This week, the cover depicts Chancellor Angela Merkel breast-feeding the country's governing Kaczynski twins. But it could have been worse, Charles Hawley points out. At least they used a 21-year-old model.

Outcome of an Ad Contest Starts an Uproar on YouTube (NYT)
Some YouTube users cried foul this week when they saw the winning video in a Malibu Caribbean Rum user-generated advertising contest. The contest solicited videos to be used in a commercial. The winner was posted Monday, and some consumers who lost the contest were quick to start a rumbling on YouTube message boards that the contest had been rigged — a charge that Malibu denied.