Mediagazer: “The dirty secret about the web media business is that theres a massive oversupply problem.” http://nie.mn/11Xg1F5 (Nieman Lab/@niemanlab)

1:05 AM ET, February 7, 2013

Top News:

News Corp shares fall as publishing struggles — News Corp shares fell in local trading today - despite the media group beating second quarter earnings expectations - after the company downgraded its outlook due to underperforming businesses including its Australian publishing arm.

Discussion: ninemsn and Crikey

Amy Chozick / Media Decoder:

News Corp. Posts Gain on Strength of Cable Channels — 8:54 p.m. | Updated Strong growth at News Corporation's cable channels FX, Fox News and regional sports networks helped the company more than double its net income in the three-month period that ended Dec. 31, offsetting lingering costs related …

Discussion: Broadcasting & Cable, AdAge, Home Media Magazine and The Wrap

Joe Pompeo / Capital New York:

News Corp. says its split-up is on track — The separation of Rupert Murdoch's News Corp. into two separate publicly traded companies is on track to be completed by the end of the current fiscal year, executives said today. — On a quarterly earnings call with Wall Street analysts …

Discussion: Forbes

Ryan McCarthy / MediaFile:

Another blog post that won't make any money — It's been a strange and daunting decade for print journalism — it's now an even stranger time for web journalism. We've become accustomed to reading headlines like BuzzFeed's recent $19 million fund raising, followed by news of buyouts for veterans at the New York Times.

Discussion: @wfrick and @jeffjarvis, Thanks:@mccarthyryanj

Nieman Lab / @niemanlab:

“The dirty secret about the web media business is that theres a massive oversupply problem.” http://nie.mn/11Xg1F5

Discussion: @mathewi

Christine Haughney / Media Decoder:

Magazines React to Post Office Cutbacks: ‘The Friday Evening Post’? — Updated The magazine industry, which has already been hurt by advertising declines and the loss of readers, spent Wednesday afternoon reeling from the latest news that they no longer would be able to get magazines delivered on Saturdays.

Discussion: Poynter, Home Media Magazine, AdAge, Politico, BtoB Magazine and New Yorker

Kara Bloomgarden-Smoke / The New York Observer:

Journalists Take Refuge in The World of Branded Content — Until December, Melissa Lafsky Wall was the editor of Newsweek's iPad edition, a job she landed on the strength of bylines in The New York Times, Salon, Wired and The Christian Science Monitor, as well as editing stints at the Huffington Post and the Freakonomics blog.

Discussion: Forbes, The Awl and Kirk LaPointe's …

Amy Chozick / Media Decoder:

Cable TV Revenue Helps Spur Time Warner Profit — Updated The cable television business helped propel Time Warner to a 51-percent increase in net income and offset weakness in magazine publishing and movies in the three months that ended Dec. 31. — The media company said Wednesday …

Discussion: Media & Entertainment, Reuters, Bloomberg and Home Media Magazine

Eriq Gardner / Hollywood Reporter: Time Warner CEO Jeff Bewkes Addresses Netflix Competition

Georg Szalai / Hollywood Reporter:
Time Warner Reports Higher Fourth-Quarter Earnings, Raises Dividend

Discussion: @pkafka, International Business Times and Deadline.com

Henry Blodget / Business Insider:

Thank You For Aggregating Us! — I just wanted to post a quick note of thanks to every blogger, media organization, and reader who has ever shared our work and spread the word about Business Insider. — Thanks to you, we're now privileged enough to have more than 23 million unique readers a month …

Discussion: PandoDaily and paidContent

Jason Del Rey / AdAge:

At AOL Under Tim Armstrong, the Only Constant Is Change — ‘King of Cocktail Napkin’ Innovates Incessantly — but Where Is He Leading AOL? — When AOL parted ways with its chief marketing officer in December, both the action and the company's explanation for it — a restructuring …

Discussion: JIMROMENESKO.COM

Peter Kafka / AllThingsD:

Time Inc. Layoffs Will Cost $60 Million — Time Inc.'s move to lay off about 6 percent of its workforce will cost the company at least $60 million in restructuring charges this year. — Time Inc. corporate parent, Time Warner, disclosed the number as part of its guidance for its 2013 financials.

Discussion: mediabistro.com, Home Media Magazine, Adweek, B&C, MinOnline, @keachhagey and @mtoney

Sam Byford / The Verge:

What is a book in the age of the iPad? An interview with Craig Mod — The designer talks Subcompact Publishing, the pains of digital distribution, and the future of the magazine — Craig Mod is a writer and designer who splits his time between Japan and the US.

Jemima Khan / New Statesman:

The inside story of how Julian Assange alienated his allies — I passed through Los Angeles recently on my way to the Sundance Film Festival. I don't know the place well, but it always feels to me as if it is in limbo and has never grown into a proper city: a municipal playground, populated by restless kidults.

Discussion: Guardian and @aljwhite