• Advertisers are asking (demanding) that TV broadcasters cut prices by as much as 15 percent. The networks? They're not so happy about it. [LAT]
• Jared Kushner's Observer is launching a supplement for "stroller-wheeling New York City moms." The glossy is set to debut in September and "will address family-friendly topics for the society set and celebrity parents." [WWD]
• Rupert Murdoch's News Corp. has sold off The Weekly Standard magazine to Denver-based media mogul (and fellow conservative) Phil Anschutz. [AP]
• ABC is changing up its executive management structure. [THR]
• Conan O'Brien was victorious in his second week up against Letterman. [NYT]
• Speaking of Letterman, Olive Garden—the "Italian" chain restaurant that you should never eat at even if you're dying of starvation—is canceling all of its spots on Letterman's show in solidarity with Sarah Palin. [Politico]

• David Letterman's ratings have gone up thanks to his very public spat with Sarah Palin. So don't be the least bit surprised if it continues. [NYT]
• Ann Moore signed a new contract with Time Inc. that will keep her around through 2012; John Squires, meanwhile, has a new gig at the company. [NYP]
• Newsweek is cutting out an issue this summer. You can guess why. [WSJ]
• Martha Stewart Living Omnimedia's latest project? That would be something called "Martha University," which sounds horrifying, frankly. [PC]
• Michael Gross's new book isn't available at the New York Public Library and chances are Annette de la Renta had something to do with it. [NYO]
• Negotiations continue between the Boston Globe and union reps. "People briefed on the talks say a deal is close." Don't hold your breath. [NYT]

• Here's a rather unlikely rumor but an amusing one all the same: Prince William is supposedly thinking of moving to America with his girlfriend, Kate Middleton, and the two have been spotted house-hunting in Malibu. Frankly, if they were going to move to America—and they're probably not—we see them as more of a New York couple. And NYC could use a prince roaming around, couldn't it? Let's all cross our fingers and hope for the best. [E!]
• Countess (and not-so-real housewife) LuAnn de Lesseps was spotted hanging out with young men and doing tequila shots at a club in the Hamptons last weekend. And the earth continues to rotate on its own axis, too. [P6]
• That was quick. Just a couple of weeks after Lindsay Lohan and Sam Ronson supposedly reunited, the couple appears to have split up again—and it's all Nicole Richie's fault, too. Or maybe they never got back together at all? Feel free to take your pick. [E!, People, AH]

Tens of imbecilic wingnuts turned out yesterday outside of Letterman's midtown studio to express faux outrage over his "perverted" jokes about Sarah Palin and her daughters, which in turn provoked Dave to spend almost an entire segment mocking them.

On Facebook, 439 people said they might drop by the Ed Sullivan Theater today to demand that CBS dump David Letterman for sexually assaulting telling a bad joke about Sarah Palin's daughter. Approximately 400 of those people are liars.

• Just when you thought Lindsay Lohan couldn't do anything to surprise you: It seems $400,000 worth of Christian Dior jewelry went missing following an Elle photo shoot in London. The last person to see it? That would be Lohan, who is now being sought by investigators for questioning. [NYDN, TMZ]
• Despite rumors to the contrary, Marc Jacobs and Lorenzo Martone did not get married in Provincetown last weekend. It'll go down later this summer, however. [WWD]
• Adrian Grenier was seen "getting cozy" with Twilight star Ashley Greene. [P6]
• Paris Hilton says she's just getting to know soccer star Cristiano Ronaldo. Her definition of "know" is probably different from yours. [Mirror]

Reports have surfaced that David Letterman offered yet another apology to Sarah Palin at this afternoon's taping of his show set to air later tonight. He couldn't have made a bigger mistake.

Oh good, the people looking to get David Letterman fired because they don't like his monologue (admittedly it is usually pretty hacky but that is part of the charm!) just cost him one (1) internet advertiser.

• Three more people have come out of the woodwork to express an interest in acquiring the Boston Globe. Let the bidding war begin? [Reuters]
• Analog television meets its maker tonight. Tell your grandma. [NYT, AP]
• Facebook introduces vanity URLs at midnight! Just in case you have absolutely nothing better to do and/or you're not too busy tweeting. [ABC]
• The New York Times is cutting, combining a few of its blogs. [E&P]
• Yahoo's new CFO is known for his ruthless cost-cutting. Good news for the beleaguered Internet company, bad news for beleaguered employees. [PC]
• Jon and Kate have been on the cover of Us for seven straight weeks now. "Unless Britney Spears gets pregnant or Brad Pitt and Angelina Jolie break up, it appears the troubled couple won't be bumped anytime soon." [WWD]

Sarah Palin went on the Today Show this morning to tell everyone to "rise up" against David Letterman, the noted TV rapist and "so-called comedian."

Chris Brown and Rihanna attend Game 4 of the NBA Finals, Paris Hilton has a raunchy rebound hookup with soccer star Ronaldo, Paul Shaffer almost played George Costanza on Seinfeld, Megan Fox has genetically-deformed thumbs and Madonna adopts another African.

• Paris Hilton reportedly broke up with boyfriend Doug Reinhardt after she saw him partying with a "Texas beauty queen" named Kendhal Beal. The heiress responded by throwing a fit (and some fruit and ice in Beal's direction). But don't you worry about Paris. She's got her dependable sister by her side. And she's already moved on to someone new, namely soccer star Cristiano Ronaldo. [P6, People]
• Madonna will be performing her Kabbalah rituals today with an extra bit of enthusiasm: Malawi's highest court has overturned its previous ruling and has granted her adoption of Mercy James. Justice to the people! [DM]
• Dr. Drew Pinsky of Celebrity Rehab is offering Lindsay Lohan six figures to appear on his VH1 reality show. But only because he cares deeply about her well-being, not because he's interested in ratings or anything. [NYP]

• The late night battle rages on: After losing ground to Letterman, Conan bounced back last night, and had a pretty solid first week overall. [THR, NYT]
• Boston-based Intercontinental Real Estate Corp. confirms that it has been talks with the New York Times Co. to purchase the Boston Globe. [BH]
• Stephen Colbert's decision to broadcast from Iraq worked out nicely: Ratings for the Comedy Central show have been up 25 percent this week. [NYT]
• Joy Behar is launching a new talk show on HLN. The best part about it: She'll be bumping blowhard Lou Dobbs from his 9pm slot on the network. [NYT]
• TV, print and online ad spending fell 14 percent in the first quarter. [WSJ]
• Hope you're a Marley & Me fan. HarperCollins is cemented a deal to publish 13 children's books about the world's most famous Labrador. Yes, 13. [PW]

Earlier this week, David Letterman used Sarah Palin's recent New York trip as fodder for jokes. This angered Sarah and Todd Palin, who called him "pathetic" and "disgusting" for telling "sexually perverted" jokes. Tonight Letterman responded.

David Letterman, who has been quietly doing his second-place late night joker show over on CBS like forever, is all of a sudden beating the Tonight Show in the ratings. Calling Sarah Palin a slut really pays off!

• The Boston Newspaper Guild, the Boston Globe's largest union, narrowly rejected a package of pay concessions and benefit cuts last night. [NYT]
• David Letterman is close to signing a new, 3-year contract with CBS. [THR]
• Conan O'Brien has beat Letterman in the ratings every night since his show debuted last week. But that may very well change pretty soon. [Vulture]
• Rachael Ray's talk show has been renewed for two more seasons. Alas. [THR]
• Glenn O'Brien is out as Interview's editorial director. [Daily Intel, FWD]

While everyone is busy fretting and fussing over Conan O'Brien's freshman Tonight Show run, his steady-as-she-goes CBS competitor, David Letterman, has been quietly inking a deal to stay on the air through 2012. With, sigh, a bit of a pay-cut.

In case you need reminding: Teh Geigh Awardz The 2009 Antoinette Perry Awards, AKA, THE TONYS! [sparklehands] are tomorrow. We'll be covering them more throughout the weekend, but first up: your yearly Letterman Top Ten Tonys List.

Tonight Conan O'Brien takes over the reins of the Tonight Show and he'll probably score huge ratings because it's his first show and everyone will be curious to see what the new show looks like. But who are you going to watch at 11:35 after all the hoopla dies down?

More than other TV comedians, Norm MacDonald seems to delight in thumbing his nose at network bigwigs. Tonight it was CBS' turn, via David Letterman's Late Show. At least the audience had fun.