• The New York Times Co. has reached a "tentative agreement" with its union to impose a 5 percent pay cut on employees through the end of the year. [NYP]
• Disney's ABC is joining Fox and NBC and taking a stake in Hulu. [AdAge]
• As expected, Time Warner said it may spin off AOL. But it may end up selling it, too. Either way, Gerald Levin, Dick Parsons and Steve Case will still be responsible for the worst merger in American corporate history. [NYT]
• Viacom reported that first quarter profit dropped 34 percent amid falling revenue at both its film and TV networks businesses. [AP]
• Related: Viacom boss Sumner Redstone is as senile as ever. At the Milken conference in Beverly Hills, he said he wouldn't comment on his competitors before lashing out at Ted Turner, Rupert Murdoch, and Jay Leno. [THR]

New York Times reporter Jeff Zeleny's "enchanting" question at last night's press conference was dumb. But did you know it was also gay? Because Zeleny is gay? Bill O'Reilly's on the case!

Gone are the days when the Wall Street Journal newsroom left brutal attacks on other media outlets to the Journal's rabid editorial page. Rupert Murdoch bought the paper to wage war, and it's happening.

The president finally let a few of these "newspapers" ask questions at his big TV news conference, and what happens? The New York Times asks a laughable question, and is mocked. Newbs.

What journalistic stratagems are employed when New York Times reporters go searching for the perfect source to illustrate their trend stories? The stratagem of "email everybody you know." What did you think it would be? Here, you can see Julie Scelfo's story shaping up in advance:

It's time to check in on the New York Times' 28 year-old reporter equal to any other, the heir to NYT throne, A.G. Sulzberger! He's writing about light bulbs:

• More trouble at Condé Nast: Ad pages at Vogue are down 31 percent this year and Vanity Fair experienced a 52 percent drop in May alone. The silver lining: Graydon Carter's lavish expense account remains unaffected. [NYP]
• The Sun really may be returning after all. As a website, that is. Seth Lipsky says "there's a business plan for the site in the formative stages." [Politico]
• This certainly isn't a good sign: It seems NBC is exploring the possibility of leasing out part of its headquarters in Washington D.C. [NYO]
• More desperate: NBC will air another season of Celebrity Apprentice. [THR]
• The Portfolio names/logos that never were (and more on its closing). [NYO]
• Al Roker will co-host a Weather Channel show called Wake Up With Al from 6 to 7 a.m. Because waking up with Al is what you've always dreamed of. [NYT]
• Oprah Winfrey's Twitter usage is way down. So much for that! [AdAge]

ABC News' Brian Ross styles himself a gumshoe of the old-school, and his network calls him "one of the most honored and respected journalists in the country." So why is he wrong so often?

• William Morris and Endeavor have agreed to merge the two agencies. The new company will be called William Morris Endeavor Entertainment, or WME, which should not be confused with WWE, or World Wrestling Entertainment, although the testosterone and aggression levels are comparable. [WSJ, NYT]
• Is the New York Times Co. putting the radio station WQXR up for sale? [P6]
• David Hunke, who had been publisher of the Detroit Free Press, is the new president and publisher of USA Today. [PaidContent]
• The New York Sun is back! Sort of. [NYSun via Gawker]
• More coverage/ analysis of Portfolio's closing, if you're up for it. [NYT, TDB]

When Ross Douthat was named Bill Kristol's replacement at the New York Times, both liberals and conservatives were happy. Now we understand why: The "squishy" right-winger fools everyone into thinking he agrees with them.

• More on the decision by Condé Nast to shut down Portfolio. [NYO, Gawker]
• Newspaper circulation figures for the past six months show steep declines at most major papers, including the Times, Post, and Daily News. One bright spot: the Wall Street Journal, which experienced a tiny, 0.6% gain. [E&P]
• Phil Falcone's Harbinger, the hedge fund that battled for a piece of the New York Times Co. last year, may now be looking to unload its stake. [WSJ]
• CNN has fallen behind MSNBC and Fox News, as you may have heard. [NYT]
• PRWeek is going monthly. But it'll still be called PRWeek, so you know. [NYT]
• Obsessed starring Beyonce was No. 1 at the box office this weekend. [THR]

Christopher Buckley's family tell-all has already made him some enemies. Will people look more kindly on the writer's crusade to break the news of his father's suicide urge?

This is the media life on Twitter: Readers daring to call on the phone, bloggers taking each other out to lunch, and blowhard predictions made about blowhard predictions! Today's Twitterati:

• Arthur Sulzberger Jr. says he has no plans to take the New York Times Co. private, despite "brutal conditions" that threaten his paper's survival. [NYT]
• Meanwhile, Moody's has downgraded the NYT Co.'s credit rating. [E&P]
• A few theories on why Peter Kaplan departed Jared Kushner's Observer, and what's in store for Kaplan—and the paper—in the future. [WWD]
• Former Facebook exec Owen Van Natta is the new CEO of MySpace. [WSJ]
• Is GE looking to sell NBC Universal to Time Warner? It's possible! [TDB]
• Ambushing the ambusher: Staking out the home of Jesse Watters, the Fox News producer who stalks liberals for Bill O'Reilly. [Gawker]

In your smooth Thursday media column: Pinch eschews privatization, BET targets the olds, newspapers are tragic and sad, and let's help waterboard Sean Hannity!

This memo from Michael Golden went out to New York Times Co. employees this morning, telling them the company's foundation is suspending its grant-giving, and its gift-matching program. Unfortunate, but probably necessary.

• Chris DeWolfe is out as the CEO of News Corp.-owned MySpace. [CNN]
• More on Peter Kaplan's split from Jared Kushner's Observer, and the rumor Kaplan is now heading to Condé Nast Traveler. [NYT, WWD, DHD]
• ABC has renewed 12 series, including Dancing with the Stars, The Bachelor, Grey's Anatomy, and Desperate Housewives. [THR]
• Viacom, the parent company BET, is planning to start up a new cable TV channel for middle-aged African-Americans. [NYT]
• Barry Diller is looking to shed his email newsletter Very Short List. Bob Pittman and Jared Kushner have taken a look; co-founders Kurt Andersen and Michael Jackson are considering a management buyout. [NYP]
• The New York Times Co. foundation is suspending its grants and no longer matching employees' charitable donations. [Gawker]

Last week, Maureen Dowd went to Google and complained about how they were breaking newspapers, or something. Today: she meets the heads of Twitter. She doesn't really like Twitter!

• The New York Times Co.'s bank balance is running a bit low, but that hasn't detered the company from handing out lavish pay packages. The company's CEO, Janet Robinson, received a total compensation package valued at $5.58 million in 2008, up from $4.14 million in 2007. [NYP, HP]
• Is Rachel Maddow losing her glow? March was the lowest-rated month so far for Maddow's MSNBC show since its debut last fall. [LAT]
• The Chicago Tribune plans to cut another 20 percent of its newsroom staff as it looks to reduce expenses amid continuing declines in advertising. [CB]
• Yahoo posted a 78 percent decline in quarterly profits and said it would eliminate about 675 more jobs, or 5% of its work force. [WSJ]
• Tonight is Len Berman's last night at WNBC. [NYDN]

Class rage at the New York Times! While the paper is on a ride straight to no-money hell, the execs are still getting paid big bucks. The NYT's not living up to its editorial page!