Martha Stewart Living Omnimedia and McGraw-Hill released mixed second quarter and first half financial reports this week. MSLO reported $145 million in revenue for the first half 2008, up slightly from the same period in 2007. The company posted an operating loss of $3 million compared to a $20 million loss last year. Revenues of $87 million in the publishing division were almost the same as 2007. McGraw-Hill, parent of BusinessWeek, reported $2.9 billion in revenue over the first half of 2008, down 4% from the same period in 2007. Net income for the first half was $293 …

The Internet as a marketing medium has enhanced -- not diminished -- the value of TV advertising for marketers, according to David Poltrack, president of CBS' new research unit. His logic: The Internet has been show to be an efficient mechanism for turning interested, aware consumers into purchasers, but first those prospects must become aware, which is exactly what television advertising can do well. "If the Internet improves the process by which interested consumers are converted to purchasers, then the value of each aware or interested consumer is greater. No other medium can rival TV in developing awareness …

Nickelodeon, the 29-year-old cable channel for children, is trying to produce programs that the first generation of "Nickelodeon parents" can watch with their youngsters. This week the Viacom unit is announcing the acquisition of an original program from Michael Eisner's production company, one of several new shows being developed by the network. The move mirrors that of many cable channels that have introduced flagship dramas recently to make their networks more distinct and appealing to advertisers. Nick's acquisition, "Glenn Martin D.D.S.," is an animated program about a dentist who takes his family on a cross-country adventure. …

NBC Universal said Tuesday that it has sold almost all its Summer Olympics advertising inventory, with the first telecast 19 days away. The company has set an ad revenue target of more than $1 billion for the Games. Sales have picked up so strongly that "we will soon reach the point where we will hold back inventory to sell during the games," says NBC executive Seth Winter. Categories seeing strong advertiser interest recently are movies, consumer electronics, corporate imaging, telecommunications and retail. "Advertisers recognize the power of the Olympic brand and the opportunity to engage a mass …

After killing off the Los Angeles Times Magazine, which was written by the paper's newsroom staff, the LA Times will launch LA, its new glossy monthly, inside the Sunday, Sept. 7 paper. Overseen by the paper's business department, the new magazine will be edited by Annie Gilbar, former editor at InStyle and LA Style magazine. It is part of a wave of glossies being introduced by newspapers, including The Washington Post's fall debut of Fashion Washington and The Wall Street Journal's launch of WSJ on Sept. 6. Despite its move out of the newsroom, LA's staff will …

NBC News senior vice president Mark Whitaker will take over the duties of the late Tim Russert as Washington bureau chief for the news division. Whitaker has been No. 2 to NBC News president Steve Capus and will continue to report to him. Besides management of the D.C. bureau, Whitaker will oversee "Meet the Press," and guide election and political coverage. He'll work closely with Russert's deputies, Wendy Wilkinson and Brady Daniels. The other part of Russert's job, as moderator of "Meet the Press," won't be filled permanently until after the November election. Whitaker joined NBC following …

Buyers and industry observers stress that for newspapers to survive, they must adapt. Among the suggestions is for large regional papers to ditch local news sections and instead publish e-newsletters on single topics, like business or the arts. Another idea is for papers to partner with or buy niche Web sites. Mike McHale, founder of Cleverworks, suggests papers produce digital editions for PDAs and phones and create more Web video, because "even daily isn't soon enough." Media buyer Margy Campion applauds formats that push the ad-edit line, such as front-page ads and ads that are printed faintly …

Pearson left rival media companies in the dust on Monday, after investors responded positively to a set of expectation-beating results that suggested it was prospering amid the economic downturn. In the company's Financial Times media division, which includes a 50% stake in The Economist, advertising sales rose 2%, with readership holding fast. The division's Interactive Data unit lifted its forecasts for annual sales and operating profit. "Most of the assets Pearson owns are about unique information, unique intelligence or unique commentary, which tend to be particularly valuable at times of turmoil," says Claudio Aspesi, Sanford Bernstein analyst. …