Mediagazer: Facebook's biggest problem is that it's a media company (Mathew Ingram/GigaOM)

9:15 PM ET, May 18, 2012

Top News:

Andrew Beaujon / Poynter:

Facebook IPO may force journalists to consider their role in the social network's growth — Facebook's IPO just created a lot of billionaires. Probably not that many of them work in journalism. But journalists, Kristie Lu Stout argues, create part of Facebook's value.

Discussion: Lost Remote, Bloomberg, Forbes, CNET, GigaOM, Business Insider, BuzzFeed and The Atlantic Online

Mathew Ingram / GigaOM:

Facebook's biggest problem is that it's a media company — There's been a lot of attention paid to Facebook's business model recently, especially with the news that General Motors has killed a $10-million advertising campaign devoted to the giant social network — not exactly a great sign …

Discussion: Los Angeles Times, Business Week, DealBook, The Firewall, Adweek, AllThingsD, Forbes, ReadWriteWeb, Bits, TechCrunch, @brianstelter, Hillicon Valley, The Kernel and PR Newswire

Mariah Blake / Salon:

Coverup at Washington Times — Editors knew there was an apparent plagiarist on staff but let him keep writing. An exclusive look inside the paper — During his long career, Arnaud de Borchgrave, a one-time Newsweek correspondent and editor, has earned his share of laurels.

Discussion: Erik Wemple and DC Porcupine

Erik Wemple:

CSIS to investigate Arnaud de Borchgrave's writings — The Center for Strategic and International Studies (CSIS) said this afternoon that it will investigate the work of Arnaud de Borchgrave, one of the think tank's program directors and a columnist for the Washington Times and United Press International.

Discussion: DC Porcupine

Dan Conover / Xark!:

What if we give it away? (w/apologies to REM) — Today's news about the Media General/Berkshire Hathaway deal reveals just how dire things have become for our newspaper princes. Unable to turn their newspapers around, Media General has traded its print properties and a big chunk …

Discussion: The Buttry Diary, @jayrosen_nyu, @stevebuttry, Newsonomics, DealBook, New York Times and Tampa Bay Times

Andrew Beaujon / Poynter:
Survey: 52% of media professionals abandon websites when they hit a paywall

Discussion: eMarketer, DigiCareers, NetNewsCheck Latest and WebProNews

Omaha World-Herald:
Deal shows Buffett's faith in community newspapers

Discussion: Tampa Bay Times, CJR, Poynter, Erik Wemple and paidContent

The Huffington Post:

'Reporter's Privilege' Under Fire From Obama Administration Amid Broader War On Leaks — RICHMOND, Va. — The Obama administration Friday morning continued its headlong attack on the right of reporters to protect their confidential sources in leak investigations.

Discussion: @mikeriggs and Capital New York

Michael Hastings / BuzzFeed:

Congressmen Seek To Lift Propaganda Ban — Propaganda that was supposed to target foreigners could now be aimed at us. “Disconcerting and dangerous,” says Shank. — An amendment that would legalize the use of propaganda on American audiences is being inserted into the latest defense authorization bill, BuzzFeed has learned.

Discussion: @adrianchen

Jason Del Rey / AdAge:

Amazon to Sell Ads on Kindle Fire Welcome Screen — If You Have $600K — Amazon Seeks Big Money as It Brings Advertising to Its Hottest Tablet — The Kindle Fire is Amazon.com's best-selling product, the company said in its first-quarter-earnings release. And it's being treated that way by the Amazon ad sales team.

Discussion: Wired, Techland, VentureBeat, TechnoBuffalo, Android Phone Fans, paidContent, Digital Spy and CNET

Mark Hosenball / Reuters:

Exclusive: Did White House “spin” tip a covert op? — (Reuters) - White House efforts to soft-pedal the danger from a new “underwear bomb” plot emanating from Yemen may have inadvertently broken the news they needed most to contain. — At about 5:45 p.m. EDT on Monday, May 7 …

Laura Hazard Owen / paidContent:

A kinder, gentler DRM? — With Harry Potter fan site and e-bookstore Pottermore.com now using watermarking instead of heavyweight DRM on all the Harry Potter e-books, anti-DRM arguments are growing louder. Now the International Digital Publishing Forum (IDPF), the organization that oversees …

Bloomberg:

‘Pan Am’ May Fly Again As Web Revives Canceled TV Shows — In the world of television, canceled doesn't mean what it used to. — The four major U.S. networks this week unveiled 31 new shows for 2012-2013, meaning at least that many won't be back. Some, like CBS's “A Gifted Man,” failed to win viewers.

Discussion: Variety and Radio & Television …

Tom McGeveran / Capital New York:

In a memo, Ricketts tells his news staff his politics have ‘absolutely no impact’ on their work — The ‘Ricketts’ playbook obtained by the ‘Times.’ — Late this afternoon, Joe Ricketts, the founder of AmeriTrade who was the subject of a front-page article in today's New York Times …