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 …

In the wake of the broadcast networks' poor April and May ratings, the tide has turned. Through the first eight weeks of summer, the Big Five broadcast networks were drawing 1.2 million more viewers per night than last summer. They also have been averaging the same cumulative 1.6 18-49 demo rating as they did last summer, per Nielsen. "What could have been a catastrophic situation has turned into a relatively good summer," says Brad Adgate, director at Horizon Media. The improvement will allow the networks to catch up with makegoods they owe before the start of the new …

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. …

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 …

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 …

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 …