The Hollywood Reporter: "Katie Couric is set to announce her departure from Today on the program itself at 7:30 a.m. EDT Wednesday, multiple sources said Tuesday. Couric will tell viewers that she will be leaving the show by May 31, when her contract runs out on NBC, sources said."

The second announcement will come from CBS, and it "could come as soon as Wednesday afternoon," Paul Gough reports.

Between 7:30 and 8, NBCers will "roll out a cake and show clips of her many hairstyles. At that point, Katie is expected to say it's been a grand ride, but that it's time for a change," Roger Friedman adds...