Hilary Duff has reportedly blinked in the escalating Cuban Missile Crisis of Hollywood catfights, standing down from last week's vicious retaliatory attacks against Faye Dunaway.

• HarperCollins announced layoffs and a major reorg today. [NYO, Gawker]
• No one wants to take the editor job at OK! [Page Six]
• Ron Burkle's magazine distribution company is suing a bunch of publishing companies for trying to drive it out of business. We should be so lucky. [NYP]
• Michael Kinsley explains why micropayments won't save newspapers. [NYT]
• Time's Walter Isaacson, however, argued the opposite position last night when he appeared on The Daily Show with Jon Stewart. [NYO, TDS]
• Hachette is dropping out of the Magazine Publishers of America. [AdAge]
• Live Nation and Ticketmaster have announced plans to merge. [NYT]
• CBS scored big ratings on Sunday thanks to the Grammys. [AdAge]
• A day in the life of Fox News anchor Shepard Smith. [Esquire]

Yea, they thought it was so cool to hang out and take bong hits with Olympic champ Michael Phelps. Until the freaking sheriff started arresting everybody for it. Thanks a lot, Phelps.

Michael Kinsley tried making readers pay for news. Didn't work!

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If a tree fell on The City's Olivia Palermo, would you give the tree a parade or name a holiday after it? Maybe both. Let's explore why we feel this way, after the jump.

· Anne Heche will play the ex-wife of Ray, the anatomically superendowed protagonist of Hung. She replaces Kristin Bauer, last seen being escorted away in a wheelchair, dead-eyed and repeating, "The diameter...the diameter..." [THR]

Today is a major layoff day at publishing house HarperCollins. Below, two internal memos [Updated: three], and the rumors we've heard so far:

Last week, we asked which Conde Nast magazine most deserved to live through the Great Magazine Die-Off and you voted to spare Wired. As promised, we're buying ten subscriptions and giving them to you.

You can add The Carlyle Group to the long, long list of financial firms looking to cut back on their private jet budgets. The Washington-based private equity giant that counts members of the Bush family as investors is now looking to unload its 2004 Gulfstream G450. Like its rivals, it's been a challenging few months for Carlyle, which was ranked the largest private equity firm last year by Private Equity International. In December, the firm announced plans to slash 10 percent of its staff—the first layoffs in Carlyle's 20-year history—and it also said it planned to close down its Silicon Valley office. The jet broker responsible for selling the G4 didn't indicate how much Carlyle is hoping to get for the plane. (Similar models run about $30 million.) But if you're in the market for a jet that's made its fair share of trips to Kennebunkport and Crawford, you may want to set aside a little extra to replace all the gaudy gold plating in the bathroom and kitchen. Photos and detailed specs after the jump.

So, what are our soy-based friends at PETA doing these days to outrage the world, hmmm? Oh just dressing up like the KKK outside of the Westminster dog show at Madison Square Garden. Normal Monday.

Layoffs are underway at publisher HarperCollins. Please send us details.

John Updike was a revered old storyteller to all, but to those in Essex County, Massachusetts—the area north of Boston where he lived for 50 years—he was also a well-known lothario. Just ask his neighbors.

Rasta don't work for no CIA. But Bob Marley now works for a private equity firm.

So it turns out that various "natural" weight-loss supplements may actually contain real drugs, but you'll have to hurry to get your hands on them before the FDA sniffs out all the products that don't disclose their exciting illicit ingredients. Following a class action lawsuit against StarCaps by NFL players who tested positive for the drug bumetanide, the pills—which are sold by surgerized socialite Nikki Haskell with the tagline "Dare to be thin!" and endorsed by her friends like Ivana Trump—have been pulled from the shelves of stores like GNC, and the FDA is continuing to test other diet supplements.

Treasury Secretary Tim Geithner's revamped bailout plan doesn't appear to be providing Wall Street with much reassurance that the economy's going to get better anytime soon. The stock market has been plunging since Geithner's speech this morning, and the Dow is now down close to 350 points. [CNN, MW, BN]

The identity of subway ad vandalartist Poster Boy is now the most important issue facing New York. He was arrested last week—or was he? Either way, the guy is now fighting the power:

Mark Green announced he was retiring from politics when he lost the Democratic nomination for state attorney general to Andrew Cuomo in 2006. But now we've got a crisis on our hands and Green is returning to the fray to save us from ourselves! Green announced this morning that he plans to run for his old job as New York City's public advocate: "In a time of crisis, the city needs leaders who combine proven experience with new ideas." And who appreciates these gloomy economic times better than someone who lost a bundle to Bernie Madoff? [NYT/City Room]

[Pixie Geldof, sister of Peaches, in London; image via INF]

The mediacentric Greenwich Village private high school backed by Graydon Carter and John Leguizamo—well, but it's having some problems. Have heartless celebrities given up on educating downtown's most elite teenagers? Someone save the youth!