• The Wall Street Journal has the Times in its sights. The paper is hiring a dozen reporters to cover local news and will launch a NYC edition next year. [NYT]
• As expected, a big round of layoffs at Time Inc. is underway. [Gawker, NYT]
• Harvey and Bob Weinstein may be looking to buy back the Miramax name from Disney now that it's being disbanded. That's the rumor anyway. [Wrap]
• Bloomberg plans to make BusinessWeek "bigger, glossier, and more international." Oh, and it may start charging for access to the BW site. [MW]
• The Oscars will have two hosts: Steve Martin and Alec Baldwin. [LAT]

• Earnings: Quarterly profits were up at Viacom thanks to the Transformers and G.I. Joe. Profits were down, however, at Marvel. [AP, THR]
• Famed ad agency Cliff Freeman & Partners has closed down. [NYT]
• Those awful commercials for FreeCreditReport.com? The reports aren't free and it's all a big scam, but the spots will still air 2732 times tonight. [NYT]
• Stephen Colbert plans to singlehandedly save U.S. speedskating. [EW]
• Google once considered buying the New York Times, says New Yorker media columnist scribe Ken Auletta. In case you were wondering about that. [IWM]