• It's been two days since Condé Nast announced plans to shut down four of its magazines, but the bad news continues to trickle in. According to some number-crunching by Newsweek, the magazine giant could see ad revenue drop by $1 billion in 2009; rumor has it additional layoffs went down today; and the decision to shutter Gourmet is still generating controversy.
• CBS execs must be breathing a sigh of relief. Despite the insane media attention focused on David Letterman's sex scandal over the past week, Late Show advertisers appear to be sticking by him. [NYT]
• TV news: NBC has canceled the cop drama Southland. And ABC is picking up three show for the full season: Modern Family, Cougar Town, and The Middle.
• A Project Runway videogame is coming to the Wii next spring. [Variety]

• Will especially loud TV commercials soon be a thing of the past? Maybe! [DF]
• Amazon has sliced $40 off the price of its Kindle e-reader in an effort to stay competitive with Sony, which released its own e-reader recently. [WSJ]
• Sony Pictures is selling off its 21 percent stake in Shine, the TV production company controlled by Rupert Murdoch's daughter, Elisabeth. [THR]
• Did you know the New York Times has a crack R&D team looking at ways to completely revolutionize the news industry? No? Well, it does. [E&P]
• The Nobel Prize for literature was awarded to a Romanian-born author who now lives in Germany and is someone you've never heard of, we're sure. [AP]
• Rush Limbaugh will be judging the 2010 Miss America Pageant. No joke. [HP]