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GE, Comcast Agree on NBC Universal Valuation: Source (Reuters)
General Electric Co. and Comcast Corp. have agreed on a valuation of around $30 billion for a joint venture between NBC Universal and Comcast, ironing out what has been a key obstacle in talks so far. The resolution of that issue brings the parties one step closer to an agreement. NYT: Comcast's plan to gain control of NBC Universal is likely to be the first major test of the Obama administration's media regulators. AdAge: Comcast's play for NBCU is a calculated move to seize the reins in shaping future TV-viewer behavior and a bid to assume the lead in figuring out how to advertise to the new-media consumer.

Philip Gourevitch Stepping Down as Editor of The Paris Review (NYO)
Paris Review editor Philip Gourevitch will be stepping down in April after five years on the job. Gourevitch, who is also a New Yorker staff writer, said in an interview that his decision to resign was motivated by a desire to focus his energies on his writing.

Sober Mood at New York Post as Circulation Spirals Lower (NYT)
Nearly every paper in America has lost circulation, but the New York Post more than most -- down almost 30 percent in 2.5 years, to 508,000 in the most recent reporting period, against 544,000 for the New York Daily News. The slide accelerated after the Post's price returned to 50 cents last year.

Democratic Consultant Says He Got a Warning From White House After Appearing on Fox News (LAT)
At least one Democratic political strategist has gotten a blunt warning from the White House to never appear on Fox News Channel, an outlet that presidential aides have depicted as not so much a news-gathering operation as a political opponent bent on damaging the Obama administration.

Murdoch Could Block Google Searches to Encourage Subscriptions (Guardian)
Rupert Murdoch says he will remove stories from Google's search index as a way to encourage people to pay for content online. The mogul said that newspapers in his media empire would consider blocking Google entirely once they had enacted plans to charge people for reading their stories on the Web.

Kushner Wanted Sorkin for Observer Job (New York/Daily Intel)
New York Observer owner Jared Kushner tried recruiting New York Times star business reporter Andrew Ross Sorkin twice during the past year. Most recently, he talked to Sorkin last month about taking over the paper before editor Tom McGeveran announced his resignation on October 28. Gawker: Former New York Post-er Dan Colarusso was also a finalist for the Observer job. New York: How Sorkin's book has conflicted his image at The New York Times.

Retailers Boost Spending on Holiday Advertising (WSJ)
Consumers will face an onslaught of elves and jolly snowmen in the coming weeks, as companies such as Target, Wal-Mart, Kmart and Gap boost their holiday advertising spending beyond last year's levels. Mediaweek: Magazine ad pages are up in the fourth quarter.

More Than 100 Jobs Cut at A&E, Lifetime (Variety)
The consolidation between A&E Networks and Lifetime has begun, with more than 100 pink slips passed over the past week across the A&E Television Networks landscape. Layoffs are across the board, with Lifetime departments like legal, human resources, publicity and marketing hit particularly hard.

Letterman's Alleged Blackmailer Intent on Trial, Raising Money For Defense (NYO)
Joe Halderman, the CBS News producer accused of attempting to extort $2 million from CBS Late Show star David Letterman, will be headed to a Manhattan court tomorrow for the first hearing in the criminal case against him. Halderman is currently planning to try and take the case all the way to trial.

Ailing Condé Looks to China for Growth (NYP)
Mag giant Condé Nast is looking to China, hoping to drum up business in the fast-growing nation. "In emerging markets like China... the magazine business and magazine development continue to go very strong," Jonathan Newhouse, chairman of Condé's international arm, said.

Fox News' New Online Video 'Strategy' (Mediaweek)
Strategy Room is Fox News' super-ambitious Web video "network," which produces eight hours of live programming from New York each weekday. Born about a year ago during the peak of the heated 2008 presidential race, Strategy Room was a short-term experiment -- that clicked.

Obama Lunches With Journos at White House (Folio:)
President Obama met with several journalists for lunch Friday at the White House, including CNN's David Gergen, Washington Post's Chris Cillizza, Newsweek's Jon Meacham, Talking Points Memo's Josh Marshall and New York Times trio David Brooks, Andy Rosenthal, and Gail Collins, among others.

Gawker Destroyed Nikki Finke. So Why Doesn't It Matter? (AdAge)
Simon Dumenco: For a few days, I waited for the other shoe to drop after Gawker's John Cook pretty much destroyed Deadline Hollywood blogger Nikki Finke. Then I realized I was being an idiot -- I was being naive -- in thinking it would matter.

Village Voice Media Thinks It Can Teach Others How to Pull New Sources of Ad Revenue (Forbes)
Over the past year, news outlets have scurried to go local in hopes of pulling in new ad revenue from mom-and-pop shops that have traditionally turned only to the local Yellow Pages to place their ads. Village Voice Media CEO Jim Larkin's view of the phenomenon: Well, duh.

Googled Author Auletta Ponders a Biography (Marketwatch)
Jon Friedman: Ken Auletta is the best media writer around. In fact, nobody really comes close. Now that he has finished his two-and-a-half-year quest to unravel the mystery of Google's remarkable success, he is looking for a new writing challenge. Auletta, specifically, wants to write a biography at some point.