• CBS posted a first-quarter loss as the ad recession took its toll. [THR, NYT]
• News Corp. reported a 70 percent drop in quarterly profits. [LAT, B&C]
• Profit dropped by 46 percent at Warner Music during the same period. [PC]
• Sirius XM posted a $236 million quarterly loss and also announced that its number of subscribers declined for the first time ever. [AP]
• Cablevision plans to "explore" a spinoff of Madison Square Garden. [NYT]
• News Corp. chairman Rupert Murdoch says he plans to charge readers to access the online content of his newspapers in the near future. [E&P]
• The new Bob Dylan album is No. 1 on the charts this week. [THR]
• Felix Dennis says The Week is for sale. For just $200 million. [Folio]

• It's still unclear if union members at the Boston Globe will sign off on the wage and benefit concessions extracted by the New York Times Co. [NYT]
• Crown Media chief Henry Schleiff is stepping down effective May 31. [AdAge]
• Rodale reported first quarter 2009 revenues declined 23.2 percent. [Folio]
• A congressman has introduced a bill that would ban erectile dysfunction and male enhancement ads from airing during daytime/primetime hours. [AdAge]
• Today in Fox News silliness: Sean Hannity actually mocked Barack Obama for having the nerve to put mustard on a hamburger. [HuffPo]
• HBO is denying reports Drew Peterson plans to appear on Cathouse. [AP]