Former CNN anchor and immigrant hater Lou Dobbs is thinking about running for elected office. (He may mount a campaign for Senate from New Jersey, but he hasn't ruled out a run for president.) So now it's time to backtrack to try and woo that all-important Latino demographic! Dobbs now says he supports plans to legalize undocumented workers, an idea he ripped apart nightly for, oh, years when he was sitting in the anchor chair at CNN. And he's now "trying to wipe away his image as an enemy of Latino immigrants by positioning himself as a champion of that fast-growing ethnic bloc." As a champion, no less! Buena suerte with that, Lou. [WSJ]

Oh, seriously? "In a little-noticed interview Friday, Mr. Dobbs told Spanish-language network Telemundo he now supports a plan to legalize millions of undocumented workers, a stance he long lambasted as an unfair 'amnesty.'"

According to the doublespeak-named Americans for Legal Immigration (which means something more like 'Americans against them swarthy fellas') 3514 people have pledged to support the Dobbs at loudobbsforpresident.org — and activity has gone up since he quit his show.

• It's official: Will Ferrell is the most overpaid man in show business. [THR]
• Layoffs: BusinessWeek's cuts kicked off today; layoffs now loom at Time Inc. as the company awaits word on how many volunteers will accept buyout packages; and there's a bit more detail on this week's cuts at the AP.
• MSNBC's Joe Scarborough isn't exactly on fire at the moment. [NYO]
• Palinitis: The ex-governor's sit-down with Oprah on Monday generated the talk show queen her highest ratings in two years; Fox News clowns Bill O'Reilly and Sean Hannity are now at war over their respective Palin interviews; and people are still talking about that Palin Newsweek cover, for some reason.
• Vivendi has tossed a last-minute complication into the NBC deal. [NYT]
• Times reporter Jodi Kantor has landed a seven-figure book deal. [NYO]
• Breaking! The Emmys are moving from September to August. [THR]
• CNN's Candy Crowley is speaking out about her weight loss. At last! [LAT]

Lou Dobbs appeared on his pal Bill O'Reilly's show last night in his first interview since leaving CNN $8 million richer last week. And O'Reilly asked him the question that's been on many minds in recent days: Is Dobbs thinking about running for a U.S. Senate seat?

• Oprah's interview with Sarah Palin aired today, as you know by now. [AP]
• The deal between GE and Comcast to give the cable giant control of NBC Universal could be finalized in the next few days/weeks, although approval from Washington could take some time. [DF, THR, WSJ]
• Lou Dobbs didn't walk away from $9 million when he departed CNN. He reportedly got paid $8 million in severance to walk out the door. [NYP]
• The largest gay newspaper publisher in the U.S. has shuttered. [NYT]
• Budget Travel may be the magazine to die. [Daily Intel]
• The cost-cutting McKinsey consultants have landed at Dow Jones. [Forbes]
• 2012 destroyed the box office this weekend, reeling in $65 million. [THR]

China banned these "Oba-Mao" T-shirts, which were selling at a brisk pace in Beijing, last week in an apparent effort to avoid embarrassing Barack Obama during his visit. The weird thing is, in China, it's a pro-Obama shirt.

• George Stephanopoulos will probably replace Diane Sawyer on GMA. [TDB]
• Now that Bloomberg LP is talking over BusinessWeek, columnists Maria Bartiromo and Jack Welch are both parting ways with the mag. [NYP]
• CNN is laying off four of its web anchors since it no longer plans to produce live video on CNN.com. The good news? With Lou Dobbs no longer on the payroll, it should save $9 million over the next few years. [NYT, [NYP]
• Euna Lee, one of the two CurrentTV reporters who was imprisoned in North Korea earlier this year, has scored herself a six-figure book deal. [NYT]
• Shares of Playboy jumped yesterday after it was reported the apparel conglomerate Iconix was in talks to acquire the (struggling) company. [NYP]
• Another senior Observer editor is bidding goodbye to the paper. [Politico]
• Fashion mags are expecting their fortunes to improve in 2010. [WWD]
• Is the Fox Business Channel a lost cause at this point? [VF]
• Television is more getting more and more obscene, supposedly. [NYT]

• John King will be replacing Lou Dobbs at 7pm on CNN. [WP, NYT]
• CNN execs had been looking to part ways with Dobbs for many months now, although CNN president Jon Klein is denying that all the anti-Dobbs fervor had anything to do with his leaving. Meanwhile, Dobbs' departure is expected to leave up to 30 people without jobs. [TDB, NYT, AP]
• Dobbs' first post-CNN interview will be with Bill O'Reilly. Naturally. [DF]
• Iconix, the apparel company that owns Candie's, Badgley Mischka, and Rocawear, among other brands, is in talks to buy Playboy Enterprises. [BN]
• Bloomberg LP is ducking out of paying severance to BW staffers. [AdAge]
• A dozen staffers were laid off at Newsweek today. [Gawker]
• Martin Scorsese will receive the DeMille award at the Golden Globes. [LAT]
• Katie Couric is assembling media power lists now, apparently. [Forbes]

No, he does not. But CNN will replace the departing Lou Dobbs with mild-mannered touchscreen jockey John King, doubling-down on the admirable straight-news strategy that has catapulted it to the bottom of the cable news race.

In his announcement that last night's broadcast would be his last for CNN, Lou Dobbs reassured viewers that he is "considering a number of options and directions" next. Which one will he choose? Let's set the odds.

Lou Dobbs wasn't the only right-wing populist to attempt a dramatic CNN exit last night. Unfortunately, he's the only one who succeeded, because former Miss California and Christianist poster girl Carrie Prejean can't even throw a proper on-set hissy fit.

Dobbs would fit much more snugly into the right-wing stable of shouting heads over at Fox than he did at CNN, where he made an awkward lie of the cable network's attempt to position itself as a non-partisan straight-news alternative to MSNBC on the left and Fox News on the right. But Dobbs hasn't exactly been a ratings dynamo: He was recently losing not only to Shep Smith at Fox but Chris Matthews at MSNBC and even Jane Velez Mitchell at CNN's HLN (formerly Headline News). Burn.

• Lou Dobbs is leaving CNN! Tonight's his last show! Happy Wednesday! [NYT]
• Condé Nast magazines have lost a collective 8,359 pages of advertising in 2009, which represents a 31 percent decline from a year earlier. [NYT]
• One thing that Hearst has going for it: lots of cash in the bank. [NYP]
• Banker-turned-media investor Jimmy Finklestein is reportedly buying the Hollywood Reporter, Billboard, Adweek, and a few other Nielsen titles. [Wrap]
• Current TV is keeping current with the times and laying off 80 staffers. [LAT]
• TV: Joss Whedon's Dollhouse has been canceled by Fox; meanwhile, ABC has decided that Kelsey Grammer comedy series Hank will exist no longer.
• Détente? President Obama has agreed to give Fox News an interview. [HP]
• The New Yorker sure has lots of writers and editors! [NYO]
• Reality TV is slowly killing us. So says Vanity Fair's James Wolcott. [VF]

Page Six today has a not-very-thinly-veiled item about Anderson Cooper going on a very gay vacation with his very gay boyfriend who owns a very gay bar. Enough: Anderson Cooper is very gay. It's time he said it.

• Bad news for CNN: The network now occupies fourth (and last) place in the cable news ratings. Not only did it fall behind Fox News and MSNBC in October, it also dropped below its sister network HLN as well. [DF, NYT]
• More bad news for newspapers: Sales were down 10 percent between April and September; the New York Times' weekday circulation has now fallen below 1 million for the first time in two decades. [AP, NYT, AdAge]
• As rumored, Forbes carried out a round of job cuts today. [NYT]
• Ricky Gervais will be the host of the 67th Annual Golden Globes. [LAT]
• If you love Top Chef and Top Chef Masters, you'll be pleased to hear that a third iteration, Top Chef: Just Desserts, will debut on Bravo next year. [THR]
• Rosie O'Donnell's new Sirius XM show debuts next week. Get excited! [USAT]
• Self editor Lucy Danzinger has no need for the Town Cars normally provided to Condé Nast editors. After she's finished running six miles in Central Park in the morning, Condé's bravest editor straps on a helmet and bikes to work! (Except when it's snowing or she has an important meeting, of course.) [NYT]

CNN and Salon both recently relaunched their web sites, and what do you know? We can't tell if CNN's going for the "more of a true web publication" thing or Salon's going for the "39 million unique visitors" look.

Maybe you're familiar with Stephen A. Smith, one of the most ridiculous people in sports journalism's storied history. Well, Smith's now a talking head on CNN. And he can't tell the difference between a DA and the DEA.

• The New York Times Co. reported a $35.6 million loss for the third quarter as ad revenue plunged 30 percent. But it was better than what Wall Street analysts were predicting, so the stock shot up 22 percent today. [NYT]
• New York magazine's chief says there are no plans to sell the magazine following last week's death of owner Bruce Wasserstein. [AdAge]
• Newsday plans to charge $5 a week to access to its website. [NYT, [E&P]
• Fortune is cutting back on the number of issues it publishes. And Time Inc., Fortune's publisher, is planning another round of job cuts. [WSJ]
• On the same day Sarah Palin's memoir is published, the Nation will release Going Rouge, an identical-looking book that mocks the ex-governor. [Politico]
• As if losing billions of family money wasn't enough of a punishment, France says it plans to put Warner Music chief Edgar Bronfman Jr. on trial for insider trading in connection with the 2000 merger of Vivendi and Seagram. [NYP]

So Rush Limbaugh was forbidden from owning the St. Louis Rams because the Obama White House controls the NFL players' union and, obviously, they control the NFL. But he totally didn't say those terrible things about black people!