• Keith Olbermann took Times reporter Brian Stelter to task last night for reporting that News Corp. and GE had worked out a deal to tone down the rhetoric between MSNBC and Fox News. But he didn't disagree with everything Stelter reported. Conveniently, only the bad stuff about him was wrong. [NYM]
• More bad news for Olbermann: MSNBC now admits it made a mistake by not disclosing that Countdown fixture Richard Wolffe is a paid lobbyist. Naturally, Olbermann had absolutely no idea about any of this. [Politico, Salon]
• Condé Nast is shedding more staff. This time around it appears the media giant's receptionists will be paying the ultimate price. [Gawker, NYM]
• Reps for Bruce Wasserstein met with BusinessWeek execs yesterday to discuss a bid for the magazine. Joe Mansueto, the founder of Morningstar and owner of Fast Company, may be a potential bidder as well. [BW]

• The bleak outlook for network news is getting bleaker: Both the CBS Evening News and ABC's World News suffered all-time ratings lows last week. [HuffPo]
• CBS chief Les Moonves's compensation was slashed by 76 percent last year. He still earned $13.6 million, though, so don't feel too bad for him. [Crain's]
• Depressing: Monday's breakup episode of TLC's Jon & Kate Plus 8 was the most-watched episode of the show ever with 10.6 million viewers. [THR]
• MySpace is closing four of its international offices and cutting two-thirds of its staff abroad advertising falls and Facebook and Twitter take over. [NYT]
• A woman in Massachusetts has filed a lawsuit against Elisabeth Hasselbeck for allegedly ripping off her self-published book on celiac disease. [BH]
• Bravo honcho Andy Cohen is going to be hosting a live show once a week called Watch What Happens. You can watch what happens on July 16. [LAT]

• Vogue has a fancy, new IMG-produced Web-based reality series! And it only cost $31,000 a minute to put together. [WSJ]

• In the video for Lindsay Lohan's next single, Confessions of a Broken Heart, watch for lots of ripped-from-the-headlines spousal feuds and tearful rosary-clutching. And to think people say the girl can't act. [R&M (3rd item)]
• Splash News photo agency is suing OK! sister publications the Sun and the Express for 5 months' worth of unpaid fees. Surely Splash understands that when millions are being spent on fuzzy pictures of what may or may not be the Federletus, paparazzi bills are going to have to wait. [Page Six]
• CBS News president Andrew Heyward's contract is reportedly up this year, and chances of renewal are looking slim. Feign surprise, we dare you. [Lowdown (2nd item)]
• While NYU grapples with the loss of prized student Mary-Kate Olsen, we can all take solace in knowing her presence may be replaced with that of actress Amanda Bynes. [Scoop (2nd item)]
• Did Renée Zellwegger leave Kenny Chesney because of her romance with folk rocker Damien Rice? And can she maybe stop fucking musicians long enough to sign the divorce papers? [Page Six]
• Bad news for The Gays: The 2006 FDNY calendar just might be the last. [Gatecrasher]