Hearst isn't the only magazine company doing the self-congratulation thing these days. Yesterday was Henry Luce Awards day at Time Inc., and Time Inc. honcho John Huey judged the winners in 11 categories along with some other current and former top editors. So who's in favor with the top brass?

• Hearst is the a great media company with a great headquarters and great executives who do great things. Yay! [NYT]
• Actually, no, Fox Business Channel isn't going to launch anytime soon. Never mind. [B&C]
• Where's the love for E&P? [MW]
• Time Inc. has extended its deal to sell All You exclusively in Wal-mart, which means you will continue to never read it. [Mediaweek]
• Straight guys dig the Coop, too. [LAT]
• Glut of WP buyouts leads to potential glut of cake. (And to the departure of — who knew she was even a newspaper editor? — Jo Polniaczek.) [NYT]