When Sam Zell closed his purchase of Tribune Co. in 2007, he promised to arrest its decline with a "fresh, entrepreneurial culture that is fast, nimble and innovative." To that end, he hired pioneering radio programmer, Lee Abrams, as chief innovation officer. The result is jazzy redesigns of Tribune's eight newspapers with bigger headlines, smaller articles and brighter charts to attract younger audiences and occasional readers. But so far, Abrams' efforts have had no impact on declining circulation. Some analysts question if the redesign effort makes good business sense as advertising continues to soften. "It's a distraction," says …

In a recession, if you can't beat them, you may as well join them. Fox Television Stations and NBC Local Media have decided to proceed with a joint local news service that generates video news coverage and reduces costs. The concept has been tested since fall in Philadelphia, where Fox owns WTXF-TV and NBC owns WCAU-TV. It will become official in Philadelphia this January and roll out later in Los Angeles, Chicago, New York, Dallas and Washington, D.C. Fox and NBC own and operate stations in all those markets. Footage from the joint news service will be available …

In a bow to experience and old-school news media, the first post-election interview with the incoming president is going to CBS' venerable newsmagazine "60 Minutes." Conducting the sit-down is veteran correspondent Steve Kroft, who will talk with both Barack Obama and future first lady Michelle Obama. The segment will air Sunday. The decision to give the coveted interview to "60 Minutes" comes after Kroft and a camera crew spent election night with some of Obama's aides for a segment that broadcast last Sunday. The show pulled in 18.5 million viewers. Obama favored the CBS news show once …

To halt a downward spiral in Viacom and CBS stock yesterday, Sumner Redstone had to make a statement repeating that he has no plans to sell stock in either company. He also said that talks with bankers over a looming debt crunch at his National Amusements were "proceeding in a smooth and constructive manner." The promises were made after CBS shares dropped about 15% percent and Viacom shares dropped about 10% Wednesday. Shares of both media companies were up about 3% on Thursday after Redstone issued the statement. Last month, Redstone's National Amusements sold a total of about …

Unlike with banks, the collapse of American newspapers does not endanger the world's financial system. But no matter, according to this tongue-in-cheek analysis. Maybe newspapers should go after bailout money as "a proactive move to save the only industry prominently mentioned in the Bill of Rights." Newspapers should embrace a new mission of "preserving educational voices," and ask the government for debt relief and subsidies for digitization. "Think of the license fee British households pay to the BBC. The government could subsidize Amazon's Kindle or similar digital device and mandate that each household purchase one for $50." …

Wall Street Journal managing editor Robert Thomson has finally found his right-hand man. Gerard Baker, the U.S. editor of sister publication the Times of London, is moving over to become deputy editor in chief of The Wall Street Journal and Dow Jones. Thomson was the editor of the Times before moving over to the Journal last December. In his most recent role at the Times, Baker was a right-leaning, sometimes outspoken commentator and reporter, which generated a fair amount of discussion about media bias after his appointment was announced. Thomson says Baker "will bring considerable energy and wit …