Celebrity-friendly photo-heavy gossip rag OK! just can't find any stability in this cold world! Its latest editor has been fired, just months after taking over. (Updated below)

More trouble seems to be brewing for Steve Rattner, the mega-financier who runs Quadrangle Capital and the man responsible for managing Michael Bloomberg's vast fortune. Last week the firm announced plans to shut down a $500 million hedge fund focused on media investments after the value of the fund declined and investors started demanding their money back. Now comes word that Quadrangle's magazine holdings are in trouble. In 2007, Quadrangle paid $250 million for Alpha Media, the company that publishes Maxim and Blender, and lured Jann Wenner's former right-hand, Kent Brownridge, to run the company. Brownridge departed Alpha in August amid rumors the publishing company was in trouble. Today the Journal reports that the company really is in deep trouble, having fallen behind on its debt payments to Steve Feinberg's Cerberus Capital. Rattner may ultimately be forced to hand over Alpha to the company's creditors. But that's not the only disappointing news that has landed at Rattner's feet in recent weeks.

Internal drama at baby picture factory OK! magazine? You don't say! Richard Desmond, the crappy celebrity mag's billionaire owner, brought in former Wenner Media exec Kent Brownridge to be GM of the American version of OK! just a couple of months ago. But apparently Brownridge hasn't been able to make any money yet, and it's making the Brit Desmond mad enough to get on a plane to the distasteful nation of America!: A tipster tells us:

Just because we're in the midst of the Great Magazine Die-Off and print media in general is having its worst month in the past 20 years is no reason to force editors into less-than-grand offices! We hear that Kent Brownridge, the new general manager of OK! magazine, is "having a wall removed" and combining two offices into a one big, bad, office for Kent Brownridge, at an estimated cost of $50K. "The old man is still obsessed with his old boss Jann Wenner and is insisting that his office at OK be bigger than Jann's office at Us Weekly," says our source. That, despite the fact that OK! is suffering like every other celebrity magazine. Regardless, the last thing anyone in the media wants to see is Kent Brownridge in a moderately-sized office. Carry on. [Feel free to email us, Kent!]

Perhaps the recent rumors about editor-from-hell Bonnie Fuller helming celebrity weekly OK! were a clever way of ensuring a warm staff welcome for the real editor-in-chief and publisher, both set for announcement tomorrow. They are former Quick & Simple EIC Susan Toepfer and Niche Media senior VP Lori Burgess, respectively, the Post's Keith Kelly is reporting. Recently-installed general manager Kent Brownridge insisted his choice for editor "had never been Bonnie," but his passing on the pricey and profligate former Us Weekly chief is as good a sign as any that the economic meltdown will slam celebrity entertainment media as it has banking and real estate.

As if celebrity babies didn't face enough perils — paparazzi, feuding celebrity parents, ill-advised playdates with Michael Jackson — they now have to keep a weary little eye on the stock market. Because amid Wall Street meltdown and the worst advertising decline in seven years rumors are now swirling that the undisputed highroller in the market for pictures of famous infants, OK! magazine, is cutting off payments for exclusive shots of the little tykes. (Sure, the fees usually went to charity, but you can't put a price tag on adulation.) New general manager Kent Brownridge has allegedly said "no more picture buying, and to keep readers interested we will have to 'get creative,'" a disgruntled staffer told Page Six. Underlings are no doubt praying Brownridge doesn't confirm another rumor and squander the savings hiring boss-from-hell Bonnie Fuller to replace a departing Sarah Ivens. Reports the Post:

Kent Brownridge, former deputy to magazine mogul Jann Wenner and recent overlord to Maxim and Blender, is now general manager of the U.S. edition of free-spending celebrity weekly OK!. It seems that between billionaire owner Richard Desmond supplying famous-baby-photo cash and editors Sarah Ivens and the creepy Rob Shuter keeping sources fluffed, OK! needed someone to, like, sell some ads or something. Brownridge apparently didn't compile a stellar track record doing that for Maxim and company, which earlier this month squeezed him from his job, but as Shuter knows, OK! is fast becoming a miraculous land of second media-industry chances. [Post]

• Hachette is shuttering Home magazine. [Mediaweek]

Brownridge is no longer the right-hand man to Jann Wenner, but he hasn't left the mag world behind: He's the chairman of Alpha Media, the owner of Maxim and Blender, which is funded by Steven Rattner's Quadrangle Group.

Rolling Stone and Us Weekly owner Jann Wenner and his partner, Matt Nye, (for whom he dropped his wife, Jane) are expecting twins in January, according to Business Week's Jon Fine. The newest little Wenners will join his current army of four. But this party is just beginning—the interview transcript is something to behold. Some highlights!

Today Kent Brownridge, Jann Wenner's former right-hand man and the honcho of new Alpha Media, the former Dennis Publishing, shouts the praises of media headhunter Karen Danziger. She's the exec vice president of Howard-Sloan-Koller Group, and she was the one who suggested somewhat frightening former Rolling Stone guy Jim Kaminsky as the new editor of Maxim. Brownridge tells Portfolio: "Karen Danziger, the only headhunter in the editorial world that I think is worth anything, and she's worth a lot — I love her; she's my sister, shrink, priest, whatever — she gives me a list of people that I should go see, and on it is Jim, and I think, oh, well, Jim." Heh. That's how we felt about Jim too—but then Kent got all frothy on him, and hired him. We've met Karen—she's fun, mouthy, doesn't like idiots, and she dresses like the high-end version of a sharp Long Island lady. But is she all that? Your experiences sought, anonymity guaranteed.

Multiple sources confirm that Maxim editor in chief Jimmy Jellinek has been canned by his new boss, Kent Brownridge, and his newly christened Alpha Media Group. Furthermore, a source tells us that it happened right before the 4 p.m. start of the Alpha Media Group launch party at the Cellar Bar at the Bryant Park Hotel. Ouch. UPDATE: Former Men's Journal editor Jim Kaminsky, who used to be Maxim's executive editor and was formerly deputy managing editor at Rolling Stone, will be the new EIC.

Kent Brownridge's acquisition of the Felix Dennis lad titles is finally complete. As mentioned before, Stuff will be folded into Maxim. No word yet on layoffs or whether they're shopping Maxim editor Jimmy Jellinek's job, but the press release, which you can find below, does indicate that stuffmagazine.com "will continue to be a digital destination," presumably because there are enough people who are still willing to jerk off to it.

Kent Brownridge rumored to have won the Dennis Publishing auction, which means he's now the proud owner of Maxim. It also means he beat out Ron Burkle. [AdAge]

• Lockhart Steele: Elizabeth Spiers invented the Internet. [MarketWatch]
  

• Today's speculation on the next World News Tonight anchor: Charlie Gibson. Because Diane wants him to. [NYO]
• That Times Mag Mark-Warner-Looks-Nothing-Like-His-Photo correction? It's all thanks to the Observer. [NYO]
• Howell Raines' latest memoir TK on May 9. In case 20,000 words in The Atlantic wasn't enough for you. [E&P]
• Kent Brownridge is gone from Wenner Media. Again. For real. We think. [NYP]
• And Jann startes hunting for a new Kent. Mary Berner, maybe? [WWD]
• The Times thinks Hillary's running for president, too: She'll now be covered through the Washburo instead of the Metro desk. [NYO]

• Simon Dumenco doesn't buy the revisionist history that Jann Wenner pushed out Kent Brownridge, but he knows the often-incompetent mag business will miss the man Dumenco dubbed Dr. Evil. [AdAge]
• New Plamegate wrinkle: Now the prosecutor wants to talk to Time's Viveca Novak, who's so far cooperating with the investigation. It's nice to officially know that at least one Novak is, even if the wrong one. [NYT]
• Bad news for our favorite gray-haired boytoy: Anderson Cooper's rating are down 19 percent relative to Aaron Brown's last week as anchor. [Mediaweek]
• It's hard being Bob Woodward these days. [WP]
• For its 1,000th issue, Rolling Stone to go 3-D on its cover. Because flashy sales gimmicks are always a sign of a strong, vibrant product. [NYT]
• Another reason you can never leave the city: Newly hired report at Manchester, N.H., newspaper is fired for having "a New York attitude." [Boston Phoenix]
• Hearst's new Quick & Simple simply ain't selling very quickly, suggesting the women's-mag market is cooling — or even cooled off. Also: Maxim learns to appreciate older women. [WWD (second and third items)]
• Four years later, the de-anthraxing of American Media's former HQ in Florida is nearly complete. They're still working on how to de-Bonnie. [Jossip]
• Kazakhstan takes four-page ad in New York Times to refute allegations made by Ali G's Borat. Next week, USPS will take four-page ad to refute allegations made by Seinfeld's Newman. [E&P]
• Good editors protect their staffers. Except, you know, when they don't. [MB]
• Forthcoming New York mag article on Hasidic sect ruffles feathers even before its published. [Canonist]

• Jessica Simpson gets dumped by her publicist, who's tired of lying to the world about miserable state of Simpson's marriage. Could the PR industry be having its Jerry Maguire moment? Nah.
• Wenner honcho Kent Brownridge is (possibly) forced into an early retirement, courtesy of big Jann himself. Sadly, his possible successor is fresh from rehab — that's no fun.
• Sexual assault suspect and fake fireman Peter Braunstein continues to flit about New York, and yet no one can seem to catch the mofo. Especially not the hipsters or Greg Lindsay.
• Kimberly Stewart, eager to be more Paris Hilton than we can stomach, gets engaged to barely-legal Laguna Beach star Talan Torriero.
• Anderson Cooper and Ryan Seacrest could adopt the most beautiful gay babies.
• Time mag begins its debate on the person of the year, and you predictably voted for Mother Nature.
• Gawker Media makes a distribution deal with Yahoo!, which sanitizes us without completely selling out.
• Inside TV folds, and TV Guide lays off editors who need to take a personal leave.
• And Mort Zuckerman reminds his staffers that in the Jew's house, Christmas doesn't mean shit.

A pal far more theatrical than we are calls to our attention, per the latest Wenner Media tumult, the opening scene of Shakespeare's King Lear. In it, Lear banishes a loyal longtime ally from his kingdom, even though the ally is merely looking out for the king's best interests.

It's tough to decide on our favorite bit in WWD's profile today of outgoing Wenner Media honcho Kent Brownridge.