With about two weeks to go before the start of the NCAA "March Madness" men's basketball tournament, CBS is nearly sold out of TV ad inventory. Plus, March Madness on Demand, which allows fans to stream all the televised tournament games, has attracted nearly $30 million in ad dollars. Total revenue for MMOD will be about 20% more than last year, say executives. CBSSports.com has again signed on AT&T, Coke and Pontiac as presenting sponsors. Comcast will be the first sponsor of the "boss button," which enables at-work viewers to display a fake spreadsheet on their screens with …

Reader's Digest Association has hired law firm Kirkland & Ellis to explore restructuring options including a possible bankruptcy filing, says an insider. The law firm was asked to evaluate options for the publisher that include a possible "pre-packaged" or "pre-arranged bankruptcy," in which much of the restructuring work is completed out of court. The company's restructuring could take a number of different forms: "an out-of-court restructuring, an in-court restructuring, or a debt buyback," says Moody analyst John Puchalla. Moody's said in a credit opinion Feb. 18 that Reader's Digest's capital structure appears "unsustainable" and may violate its covenants …

Sports Illustrated is finding out what happens when a magazine publishes an excerpt of a book that turns out to be bogus. It just ran a 6,000-word chunk of "Odd Man Out," Matt McCarthy's memoir of playing minor league baseball. This week, The New York Times revealed that many of the anecdotes from the book appear fabricated or embellished, and are being disputed by teammates and others. Baseball editor Chris Stone says his magazine conducted its own, independent fact-check of the excerpt, but did not call up people who are quoted and read them back their quotes. He says …

Financially troubled radio network Westwood One is restructuring its $241 million debt. As part of the move, The Gores Group will acquire control of Westwood by increasing its equity stake in the company to 72.5%. "The refinancing is an essential part of our turnaround plan," says Rod Sherwood, president of Westwood. Sherwood took over the top spot in late October. He is the former CFO of Gores, a private-equity firm based in Los Angeles. Since Sherwood's arrival, Westwood has reorganized its executive management and sales organizations, and is in the process of consolidating its Metro Traffic division. …

DDB Worldwide is bringing David Plouffe, Barack Obama's marketing strategist, to the Cannes Lions International Advertising Festival this year. Plouffe is scheduled to speak on the "Audacity of Successful Brands" on June 25. President Obama credited Plouffe, a partner in the Washington, D.C., consulting firm AKPD Message and Media, as "the unsung hero of this campaign." Plouffe and David Axelrod, another partner at AKPD, first became associated with Obama while working on the president's 2004 run for the United States Senate. DDB CEO Chuck Brymer is clearly proud of his association with the White House. He says …

Viacom is ready for Time Warner's "TV Everywhere" initiative to take flight. The initiative is designed to make all cable programming available online on an on-demand basis only to viewers who have a subscription to a TV service, such as Comcast. Viacom CEO Philippe Dauman says his company is "very open" to experimenting with models that would allow cable, satellite and telco TV subscribers to view cable content online. "We think it has to be seamless to the consumer, and we're working [with the distributors] on the consumer and technology side," he says. Viacom represents 20% of …

To reach readers interested in more than business and financial news, The Wall Street Journal is expanding its sports coverage to six days a week, starting this week. The paper previously had a sports page on Fridays only -- in its Weekend Journal section. The new sports section will run Monday through Saturday. (The paper does not publish on Sundays.) The Journal wants to use the new section to produce analytical articles and statistics and graphics packages, says sports editor Sam Walker. Early stories will include a "big-picture analysis" of major sports leagues and a statistical package about …

Martha Stewart Living is broadening its coverage to include beauty, travel and fashion as it tries to boost its appeal with advertisers in those categories. With the April issue, Living will introduce a fashion department as well as a health and beauty column called "Apothecary." The magazine also will begin running an occasional personal travel column by Martha Stewart. The magazine's cover also sports a more modern look in April, with an airy, san serif font. Gael Towey, acting editor in chief, says the additions reflect the interests of the audience of parent company Martha Stewart Living Omnimedia. …

After several delays, executives at NBC Universal and WNBC-4 are on the verge of launching their 24 hour, 7-day-a-week "hyper-local" digital TV news channel in New York. What exactly the channel will look like has been a hot topic of speculation in recent months. In an internal email, Michael Horowicz, WNBC-4's news manager tells staffers that the launch of the channel, dubbed "New York Nonstop," is "imminent" and that their future news reports should no longer look like traditional news piece and instead, "should look live. If it looks like a traditional newscast, we're dead," he states. …

In the fourth quarter, Clear Channel Media Holdings' revenue was down 14% to $1.6 billion. For the year, the radio and outdoor operator posted a $4 billion loss, due in part to a $5.2 billion impairment charge. Year over year revenue declined 3% to $6.7 billion. In January, to offset negative growth and cope with the declining ad market, Clear Channel began a restructuring program. Cost-cutting initiatives included slashing 1,850 positions, representing about 9% of its workforce. The company expects these initiatives to be fully implemented by first quarter next year. For the fourth quarter, radio revenue …