• Looking to buy a struggling business magazine that's losing advertisers right and left? You're in luck. McGraw-Hill has put BusinessWeek up for sale. [BN]
• The hottest interview in TV-land right now? Bernie Madoff, naturally. [B&C]
• Not such great news for the television biz: Most networks are experiencing a double-digit drop in summer ratings compared to last year. [USAT]
• MySpace is no longer a "place for friends." (That's what Facebook is for.) It's a Web site "for accessing entertainment and related information." [WSJ]
• Former Observer reporter Gabriel Sherman takes a look at Observer owner Jared Kushner in this week's issue of New York. Among other things, Kushner says he found the paper "unbearable" until he bought it. [NYM]
• Brüno's $30 million gross made it No. 1 at the box office this weekend. [THR]

Anybody want to buy an 80 year-old business magazine? Now's your chance.

• The curse of Gisele: Both Vanity Fair and Harper's Bazaar put supermodel Gisele Bundchen on the covers of their mags this year, and both have turned out to be their worst-selling issues thus far in 2009. [NYO]
• Can Forbes survive the downturn? The Forbes family thinks so. [NYT]
• Jared Kushner's New York Observer has acquired Very Short List, the struggling email newsletter owned by Barry Diller's IAC. [Gawker, NYP]
• The Huffington Post has a new CEO, ex-Ziff-Davis CEO Eric Hippeau. [PC]
• BusinessWeek is the latest mag to test a paid online subscriptions. [MW]
• Barack Obama's half-brother landed a book deal with Simon & Schuster. [AP]
• The Hangover and Up were the top-grossing films this past weekend. [LAT]
• The Boston Globe is up for sale—and a handful of people appear to be interested—although just how much they'll pay is anybody's guess. [NYT]
• ABC's Lost is the most watched TV show on the Internet. [Variety]

The problem with Twitterati isn't so much oversharing as undercaring. Laurel Touby's apartment woes, Lockhart Steele's porn name, and Penelope Trunk's divorce bill are as good as the media elite's tweets get!

It's a horrible disease that threatens everyone's well-being! No, not the swine flu, silly — we're talking Twitter. Alan Meckler, Jon Fine, and Patrick Gavin were among today's victims:

New York has a fancy matrix graphic in which it pretends to identify which Twitterers are insipid or insightful. Oh, New York: Even Twitter's insights are insipid. Today's banalities:

One BusinessWeek scribe fussed over his beard, an Ars Technica blogger griped over her ride, and an ABC News reporter got dissed in makeup! The Twitterati's complaints were endless today:

In your overblownTuesday media column: Time is a biter, Michael Wolff is an exaggerator, Portfolio is a fantasist, Newsweek is stank, and Esquire is an [expletive deleted]:

Jim Goldman, the shameless Apple parrot and CNBC correspondent, did his best for the computer company in an on-air price comparison the other day. But he had to lift his argument wholesale.

No one can escape Google's roving eyes — not even the Twitterati! Pierre Omidyar, Ryan Block, John Byrne, and others used Twitter to rid themselves of whatever scraps of private dignity remained:

If you have no idea what people on Twitter are talking about, fear not. They have no idea what they're talking about, either. The latest mutterings from Chris Anderson, John Byrne, and other online twits:

Twitter, the ideal medium for feigning emotion! Bonnie Fuller pretended to be shocked, Erick Schonfeld and Kara Swisher pretended to fight, and Sasha Frere-Jones pretended to function. Today's real fake tweets:

Who knew New Yorker writers used Facebook enough to hate its new look, as Susan Orlean does? In other trivia, Tricia Romano got sauced, Olivier Knox developed a crush, and Jon Fine revealed his ignorance:

The Twitterati did not have a good day. Professional web personality Amanda Congdon hates racists, crackpot visionary Jeff Jarvis still hates the media, but TechCrunch editor Michael Arrington is hated most of all!

"I always laugh when people talk about how 'self-promotional' I am," blogs vaguely-connected-to-BusinessWeek writer Sarah Lacy in a 902-word post, "given that for ten years of my career you never knew a thing about me other than my byline." Lacy says that Valleywag was more interesting when editor-owner Nick Denton wrote it. We think she's onto an interesting pattern: Sarah Lacy was more interesting when Nick Denton wrote about her, too.

♦ Gordon Gekko will live again: A sequel to Wall Street is in the works, although Michael Douglas has yet to sign on to the pic. [Variety]
♦ The downturn has been good for financial news sites: CNNMoney.com and BusinessWeek.com have both experience record growth. [WWD]
♦ The new issue of Rolling Stone is shorter and skinnier than issues past. [AP]
♦ Andy Lack, the former president of NBC News (and, more recently, the relatively unsuccessful CEO of Sony Music) is joining Bloomberg L.P. as CEO of the company's multimedia group. [NYO]

If you can't hire a star, why not one of her best girlfriends? We hear Microsoft has poached BusinessWeek reporter Catherine Holahan for a new online-video project — MSN's answer to Yahoo Finance's Tech Ticker stocks show, which features Sarah Lacy, Holahan's former colleague at BusinessWeek and a close friend. (The two were rarely apart when they attended the SXSW conference where Lacy infamously interviewed Facebook CEO Mark Zuckerberg.) Lacy's known for her va-va-voom Diane Von Furstenberg wardrobe on Tech Ticker. But from the looks of some of her BusinessWeek videos, Holahan prefers a more informal look. Honestly, Catherine: Was a tank top the best look to go for, even when talking about as light a subject as Web widgets?

In December, Fortune magazine admitted it had been remiss naming insurance giant AIG one of its "10 Stocks To Buy Now" before a yearlong 18 percent decline. "We... didn't expect [the] mortgage unit to be such an albatross," editors wrote. To correct the error, the magazine had a fresh list of "The Best Stocks For 2008" — including Merrill Lynch. "Smart investors should buy this stock before everyone else comes to their senses," Fortune wrote, calling a recent correction in Merrill stock "an overreaction." Investors who followed this advice are now down 93 61 percent. All the big financial magazines butter their bread with dubious prescriptions for how hobbyist investors can beat market professionals, so Fortune is hardly alone in being humiliated by the ongoing market meltdown. We'll spread the embarrassment around after the jump.

BusinessWeek has tried it all — comments, blogs, podcasts. But with its latest online strategy, it's really giving up on the idea of serving up quality content. Instead, its new site, Business Exchange, will specialize in gaming Google. Sort through the gobbledygook about "aggregation" and "verticals" and "user-generated content," and you arrive at this vision for the site:

Sarah Lacy, the BusinessWeek.com columnist whose pearl necklaces and resistance to insults I've always admired, explains to U.S. News & World Report how to use Facebook to "fire up your career." Yet she graciously avoids bragging about how she used Facebook to catapult herself to stardom. Lacy's personal assistant is just getting started on the job, so we thought we'd help out: