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Power Play To Break Up Time Warner (WSJ)
Financier Carl Icahn plans to lead an investor group that intends to push media giant Time Warner Inc. into selling a big chunk of its cable-TV company and possibly spinning off its publishing operations.

Judge: Ovitz Golden Parachute Was Okay (AP via Yahoo!)
The Walt Disney Co.'s board did not breach its fiscal responsibilities by hiring Michael Ovitz in 1995, then granting him a $140 million severance package when he left just 14 months later, a judge ruled. Reuters via AOL: Disney profit surges 41 percent, fueled by ABC hits. NYT: Ordeal of Disney's board could herald changes in pay perks. LAT: "Eisner to a large extent is responsible for the failings in the process that infected and handicapped the board's decision-making capabilities," wrote the judge in his verdict. LAT: Ovitz ruling is a limited win for directors.

Peter Jennings and the Death of Panache (Salon)
Richard Speer: As network execs opt for the dude next door—anchorman versions of Ashton Kutcher—the loss of the suave, Cary Grant-style ABC icon will leave us all the poorer. NY Sun: The true struggle for the soul of American television news is not over ideology, but between substance and schlock, between facts and frivolousness. In that fight, Jennings was always on the right side, writes Josh Gerstein. E&P: Jennings produced for ABC the only honest and probing network TV study of the decision to drop the atomic bombs on Japan and got blasted for it, writes Greg Mitchell. NYO: By every definition, Peter Jennings was a New Yorker, says ABC News political director Mark Halperin.

Eccentric Former New York Post Publisher Abe Hirschfeld Dies (NYT)
The parking garage magnate owned the paper for two weeks in 1993, firing its editor and infuriating staff. Even as the newsroom spun into turmoil, he was selling his trademark crossword-puzzle ties for $2.

News Corp. Marshals Lobbyists for Nielsen Fight (The Hill)
The company's lobbying fight entered its second legislative season with an expanded cast of characters, as broadcasters and cable companies look for an advantage in advertising revenue. NYDN Editorial: Rupert Murdoch's entertainment and publishing empire is trying to buy and bully its way into burying new TV ratings that could cost it millions of dollars in revenue.

People Reporter Busted for Spying on 'Brangelina' (Page Six)
Binoculars-toting Jeffrey Neal Weiss was arrested Saturday for trespassing on Brad Pitt's oceanfront property in Santa Barbara, where a fourth birthday party was being held for Angelina Jolie's son. LAT: Prosecutors will not file charges against paparazzi who chased actress Reese Witherspoon from her gym to her home. Radar: Vanity Fair cracking down on staff security after its latest issue fell into the hands of notorious paparazzo Phil Ramey.

NBC Yanks Kelley's Law Firm (Reality TV World)
NBC has found its new The Law Firm series in contempt, switching the David E. Kelley reality legal show to cable network Bravo after only two low rated broadcasts.

'News and Cocktail Hour' Up for Grabs (NYT)
The changing of the guard among the anchors of the evening network newscasts could accelerate shifts in audience that have already led Madison Avenue to reconsider how ad dollars are spent. Slate: Network newscasts may be dying, but they're doing it profitably, writes Daniel Gross.

Knight Ridder Will Get $262 Million for Freep (AP via Yahoo!)
The newspaper publisher disclosed the purchase price in a filing made Tuesday with the Securities and Exchange Commission.

Times Mag, SI Working on Crossovers (NYO)
The Times Magazine, having launched its T lifestyle magazines, has a monthly sports magazine under development; Sports Illustrated, meanwhile, is looking at spinning off a lifestyle title.

Times 'Explodes' Division Between Web and Print (OJR)
Mark Glaser: The paper wants the Web to become "part of the DNA of the newsroom." Bill Keller and Martin Nisenholtz explain how a longtime scheme came true.

Daniel Pearl Slay Suspect To Face Charges (Chicago Tribune)
A prime suspect in the kidnapping and killing of American journalist Daniel Pearl has been moved to the southern Pakistan port city of Karachi for prosecution.

Bad Blood Simmering at MSNBC (NYDN)
Lloyd Grove: The network's volatile president Rick Kaplan publicly laced into Keith Olbermann Monday after the latter eulogized Peter Jennings with a graphic rant about his own cancer scare.

Pulitzer-Winning Timesman Was on War Dept. Payroll (Baltimore Sun)
Amy Goodman and David Goodman: The Pulitzer board should strip William L. Laurence of the prize he won for his faithful parroting of the government line in reporting on the atomic bomb.

French Diss (NYP)
The publisher of French Woman Don't Get Fat is crying foul over Marie Claire's wine, chocolate, and cheese diet that's hyped in the magazine's September issue.

Italian Paper Fears Takeover by PM Berlusconi (Independent)
Silvio Berlusconi is facing accusations that he is launching a backdoor takeover of Corriere della Sera, Italy's best-selling daily paper, something the premier has hotly denied.

Martha Set To Burst Back Onto Scene (BusinessWeek)
Martha Stewart steps back into the limelight as summer is coming to a close, with her namesake outfit launching a slew of new projects.

Times Reporter Kuczynski's Sybaritic Weekend (WWD)
Each summer, Kuczynski and her husband invite a favored set to join them for an orgiastic few days of hiking, riding, fishing, skeet shooting and soaking in Central Idaho. Here are the details.

—David S. Hirschman

IN YESTERDAY'S MB BLOGS:

When It Comes To The 'Factor,' Writers Are Usually Dishonest, O'Reilly Says [TVNewser]
On last night's Factor, Bill O'Reilly said some "dishonest and/or ill
informed writers" have misconstrued his recent ratings.

The 2005 Hot-A-Thon: The Results [FishbowlDC]
After a week of nominations and a week of voting that closed Sunday, the final results are in and it's our duty to report them.

The Freakonomics Guys + Google = Lots of happy, happy geeks [FishbowlNY]
The Freakonomics Steves—of bestselling book, NYT mag column, and
adorable toes—visited Google and guest-blogged about it on the Google Blog, which incidentally is an interesting combination of words which can theoretically serve as adjective-noun, noun-noun, or verb-verb.

They Shoot Paparazzi, Don't They? [FishbowlLA]
I honestly don't know what to think about the LAT article reporting that Malibu residents and visitors are divided on whether it was okay that a tabloid photographer got shot in the thigh with a pellet gun for trying to photograph Britney Spears's baby shower.

So Much Plagiarism, So Little Respek [UnBeige]
We tried our hand at investigatory journalism a couple weeks back but were flummoxed when both parties, via others, insisted on their absolute innocence or inability to be plagiarized.

Dispatch from the Dark Continent: Working in South Africa [mbToolbox]
MBToolBox loves hearing from its readers around the country. Today, writer Margaret O'Connor tells us about her experiences in South Africa.