• Icahn and Wasserstein unveil plan to break up Time Warner into four separate companies: Cable systems, entertainment products, AOL, and Time Inc. And if Time Inc. is alone again, maybe they'll even bring back the drinks cart. Please? [NYT]
• Brangelina spawn's baby pix likely to go for up to $4 million. Even our own mother doesn't think ours are worth that much. [NYP]
• More Page Six is coming! More Page Six is coming! Also, David Carr is a quasi-TV star. [NYO]
• God bless the web, which is saving the two non-Murdoch news networks. Also, Dick Cavett thinks Brokaw was drunk. [NYO]
• Why is Brian Williams, not the traditional Katie Couric, Bob Costas' sidekick for the Olympics opening parade? Either because Katie is busy with morning work, as NBC says, or maybe because the peacock doesn't want to build up anchor who's about to bolt. [Chicago Tribune]
• Tom Ford looks like Jeremy Piven, according to VF focus groupers. [WWD]