Mediagazer: Tribune Co. to pay former CEO Randy Michaels $675K in settlement (Michael Oneal/Chicago Tribune)

Gideon Spanier / London Evening Standard:

James Murdoch quits the boards of Sun and Times — James Murdoch has dramatically resigned as a director of the companies that publish The Times, The Sunday Times and The Sun. — The surprise move, which has seen Rupert Murdoch's son quit a string of directorships at News International …

Discussion: The Next Web and Mashable!, more at Techmeme »

Guardian:

Sheryl Gascoigne gives evidence - live — Live coverage as Madeleine McCann's parents join Paul Gascoigne's ex-wife in giving evidence on phone hacking — 1.21pm: Here's a roundup of the main points from this morning's Leveson inquiry hearing. — • Sheryl Gascoigne told of how she had to …

The Irish Independent:

Phone hacking was much more widespread than just NOTW - victims'lawyer — A LAWYER for phone-hacking victims claimed today that the illegal interception of voicemails was “much more widespread” than just the News of the World. — Mark Lewis told the Leveson Inquiry into press standards …

Discussion: Press Association and Independent.ie

Robert Andrews / paidContent:

Mail Online Readers Say They Will Pay, But They Won't Be Forced To — “We've done qualitative research in the UK that did tend to indicate users of Mail Online would pay something for certain aspects of the content,” DMGT CEO Martin Morgan told City analysts.

Discussion: Daily Mail

Rachel McAthy / Journalism.co.uk:

Daily Mail publisher records operating profit drop of £13m — Results for the past year report that Associated Newspapers' operating profit fell from £89 million in 2010 to £76 million in 2011 — Operating profit for Associated Newspapers fell by £13 million in the past year …

Discussion: Journalism.co.uk

Robert Andrews / paidContent:

Mail Online Won't Be Profitable Until 2013, As U.S. Investment Drags — Associated Newspapers' digital operations, comprising Mail Online, lost £900,000 ($1407127.19) in the year to October, after the publisher invested in building a U.S. team.

Dylan Welch / Sydney Morning Herald:

Investigation of political favours against News Ltd — FEDERAL police are investigating allegations that News Ltd offered a then-serving federal senator a “special relationship” involving favourable coverage if he crossed the floor on a vote of financial interest to the company.

News Ltd. Denies Australian Senator's Claims — SYDNEY—News Corp.'s Australian unit Wednesday denied allegations that it had offered favorable coverage in return for political favors and said that it hasn't been contact by police investigating the matter, which was first reported in the Sydney Morning Herald newspaper.

Erika Fry / CJR:

Zuccotti Park's Airspace Was Never Closed — Did the New York's police close airspace to prevent news helicopters from getting footage of police action against Occupy Wall Street protesters? — That is certainly the story—it has been widely reported by outlets including The New York Times …

Discussion: Runnin' Scared, Future of Journalism, Gothamist and Capital New York

Discussion: New York Magazine, Mashable! and MOTHERBOARD

Michael Oneal / Chicago Tribune:

Tribune Co. to pay former CEO Randy Michaels $675K in settlement — Tribune Co. agreed to pay former chief executive Randy Michaels $675,000 in a settlement stemming from his abrupt resignation from the company on Oct. 22, 2010. — The company will also cover $50,000 in Michaels' legal fees …

Discussion: Media Decoder

Robert Andrews / paidContent:

Lovefilm Gets Its Defence In Early: Buys Netflix's Ad Slots — Amazon's Lovefilm has bought up adverts under its rival's business name, as Netflix (NSDQ: NFLX) prepares to launch on Lovefilm's home turf early next year. — Lovefilm has bought search keyword ads against searches for the keyword …

Discussion: Fast Company, more at Techmeme »

Gary Sinderson / TVNewsCheck:

Why The Penn State Scandal Stayed Secret — WJAC Johnstown, Pa., reporter Gary Sinderson says the university's culture of protecting its reputation and limited time prevented him from investigating the “whispers” about former coach Jerry Sandusky. Corporate downsizing has eliminated a lot of enterprise reporting.

Discussion: Terry Heaton's PoMo Blog and TVSpy

Thomasi McDonald / Raleigh News & Observer:

Durham newspaper carrier exchanged gunfire with carjacker — A carjacking suspect exchanged gunfire with a news carrier this morning in Durham, police reported. — No one was injured and police are searching for the suspect who fled in the news carrier's pickup truck, Kammie Michael, a Durham police spokeswoman reported.

Discussion: Poynter

Joel Gunter / Journalism.co.uk:

Leveson calls for Mail on Sunday journalists to give evidence — Newspaper's lawyer tells Leveson that journalists behind a story Hugh Grant alleged was obtained through phone hacking could appear to give evidence — Lord Leveson has called for journalists from the Mail and Mail on Sunday …

Discussion: Guardian, Media Week, Crikey, Digital Spy, Journalism.co.uk, Press Gazette and Future of Journalism

Mimi Turner / Hollywood Reporter:
Daily Mail Accused of ‘Intimidating’ Hugh Grant After the Actor's Leveson Testimony

Discussion: Guardian and Reuters

Reuters:

Netflix shares hurt by bleak 2012 outlook — (Reuters) - Netflix Inc's shares dropped as much as 7 percent on Tuesday after it warned of a loss for 2012, a move the prompted several Wall Street analysts to cut their price targets for the online video and DVD rental company.

Discussion: MediaFile

Peter Kafka / AllThingsD:
Why the Netflix Buyback Strategy Worked Like Magic — Until It Totally Failed

Discussion: Adweek, Forbes, Wall Street Journal, Digital Spy, rbr.com and paidContent:UK

Larry Dignan / ZDNet: Netflix eases liquidity worries, raises more questions

Steve Myers / Poynter:

Will you get disciplined at the Post for using too many pop culture references in stories? — Guild co-chair Fredrick Kunkle says that's one of the “highly subjective and weaselly criticisms” that supervisors are citing in what he says is a campaign to push out some longtime employees …

Discussion: JIMROMENESKO.COM, The Huffington Post and Future of Journalism

Ryan Kearney / TBD:

Associated Press' Christopher Walken story proves why their Twitter policy is foolish — Last Wednesday, Daily Intel revealed that a leaked internal “e-mail sent from on high” at the Associated Press scolded reporters for violating the wire service's Twitter policy.