Rupert Murdoch's counterintuitive quest to invest in print media helped drive away longtime lieutenant Peter Chernin. News Corp. insiders say Murdoch's love of print media is so fervent that he's privately been talking about a play for The New York Times, and possibly the Los Angeles Times, which could make easier prey. As Wall Streeters digested the news of Chernin's exit, they identified two things that make a deal for The New York Times a remote but intriguing possibility: The dire state of the newspaper and the swashbuckling style of Murdoch, who has defied doubters since his empire-building …

Trade publications are not immune to the downturn in print advertising. Ad revenue for b-to-b magazines plunged 13.1% during the fourth quarter of 2008, leading to an overall slide of 7.3% percent, according to American Business Media. Ad pages fell 9.6% for the year--the sharpest decline since 2002, when pages slid 15%. The results mirror those for consumer magazines, which saw ad pages drop 11.7% in 2008 and more than 17% in the fourth quarter. Among the 22 industry categories tracked by American Business, five showed magazine growth in 2008: professional services; architecture and design; agriculture; transportation; …

Pilot season is feeling the economy's pain in more ways than one. The sharp downturn is directly influencing the plans of a number of projects for the 2009-10 season, particularly on the comedy side. Belt-tightening has resulted in more in-house productions at the nets, a rise in lower-cost presentation reels rather than full-blown pilots and a willingness to cut pilots loose quickly if a star or director can't be found. The overall number of projects, which stands now at around 70, is down from 82 in 2007. Everyone's waiting to see if a slew of pilots go away altogether, …

Marketers and agencies are paying close attention to White House policy moves that could further dampen ad spending during the recession. Among such moves would be a tax on advertising, which could have a "monumental impact" on the telecommunications industry's ad spending, according to AT&T executives. To the extent that taxes are imposed, companies would have to "redirect" part of their ad budgets to pay the tax bill. A big question mark also hangs over pharmaceutical ads, says Rino Scanzoni, GroupM chief investment officer. A lobbying campaign is being waged to get the feds to impose tighter restrictions …

Surprising Wall Street, Thomson Reuters fourth-quarter net income swelled 51% on increased revenue and strength at its professional and legal businesses. The company posted net income of $657 million, or 79 cents a share, up from $ 434 million, or 67 cents a share, a year earlier. Thomson Reuters' markets division has been a concern for investors as the financial industry reels from the collapse of major investment banks. But CEO Thomas Glocer says the company was able to accelerate the integration of Reuters and increase its savings. About 60% of Thomson Reuters' revenue comes from its …

The San Francisco Chronicle will be sold or closed unless a "significant reduction number of unionized and non-union employees" can be let go quickly, says parent company Hearst. Cost savings must be accomplished within weeks to keep the company going. The number of cuts is unspecified. The paper has been on a losing streak since 2001. Hearst says the Chronicle lost more than $50 million last year, and this year's losses are worse. This week's layoff threat seems primarily directed at the paper's unions. "It is essential that our management and the local union leadership work together to bring …

Enfatico, the WPP ad agency created to serve Dell, is laying off 8% of its staff. It's the latest in a chain of bad news for the shop, beginning with the exit of Dell vice president of marketing Casey Jones, and Dell CMO Mark Jarvis. Insiders say about 80 agency employees are losing their jobs. Dell telegraphed to WPP's Enfatico that layoffs were imminent back on January 28, with the statement that it is trying to cut $3 billion out of its operating expenses. Those cuts are assumed to include advertising. WPP boss Martin Sorrell's key mistake may …

Advertisers and agencies kicked off contract talks with the two actors unions, the Screen Actors Guild and the American Federation of Television and Radio Artists. The two sides are bargaining against the backdrop of a bitter labor dispute between SAG and the major Hollywood studios, which are at an impasse after the union rejected a last ditch offer from the studios over the weekend. Although the ad industry employs more actors than either television or film, the upcoming commercial contract has not garnered anywhere near as much attention as the Hollywood drama. At issue is a complete …

With the growth of place-based video networks, Show & Tell, an out-of-home media production company for large-scale digital billboards, sees an opportunity to expand its business. It is forming a new division to serve as a production resource for ad agencies, brands and media buyers of digital out-of-home networks on small screens. Show & Tell currently handles creative and software solutions for large-scale signs, including many in Times Square. "Many marketers increasingly realize the value of the digital out-of-home space, but at the same time are hesitant to navigate the medium's complexities. Most people just think of it …

America's transition to over-the-air digital television signals netted the government $19 billion in a wireless spectrum auction. But the transition was doomed by a flawed voucher program and a time frame that left the country stranded between administrations. The voucher program, which will cost taxpayers $1.99 billion instead of $1.34 billion, could not keep up with demand. Yet awareness was not the problem. Only 25,000 people called the FCC help centers on February 18, when 421 television stations stopped broadcasting analog signals, per the National Association of Broadcasters. "Findings from local stations, coupled with the FCC data, showed …