• Who's going to replace Diane Sawyer now that she's leaving GMA? No one knows, really, but expect the changes to the show to be significant. [NYT]
• Time is shutting down its fashion-centric spin-off, Time Style & Design. Editor Kate Betts will remain with Time; six other staffers have been let go. [WWD]
• Magazine publishers are bending over backwards and offering to design ads themselves in order to keep their advertisers from fleeing. [NYT]
• A frontrunner may have emerged to acquire the Boston Globe. [NYP]
• ABC and CBS have agreed to air President Obama's address to a joint session of Congress next Wednesday. Fox, however, probably will not. [THR]
• Hollywood writers just aren't earning the cash they used to, it seems. [NYT]
• Simon Fuller, the man who brought you American Idol, now has his sights set on fashion: He's one of the people behind a new site called Fashionair. [VF]
• One more reason to hope Jay Leno's new nightly show on NBC fails: If it succeeds, you can expect every other network to dump pricey one-hour dramas and replace them with crappy live events and even crappier reality TV. [Time]

It was Drew Barrymore's big night at the Ziegfeld yesterday when the new HBO movie, Grey Gardens, had its premiere. On hand for the occasion and afterparty at the Pierre: Drew's co-stars Jessica Lange and Jeanne Tripplehorn, as well as guests like Justin Long (left), Jimmy Fallon, Rudy and Judi Giuliani, Stanley Tucci, Steve Buscemi, Gay Talese, Arthur Sulzberger, Dan Abrams, Roger Friedman, Hilary Rhoda, Marc Jacobs and Lorenzo Martone, Peter Som, Jason Wu, Erin Fetherston, Kristin Wiig, Tony Sirico, Robert F. Kennedy Jr., Aerin Lauder, Albert Maysles, Ashleigh Banfield and Howard Gould, Monet Mazur, Debbie Harry, Selita Eubanks, the Beastie Boys' Mike D, Ad-Roc, and MCA, Aleksandra Baryshnikov, BD Wong, and the film's director, Michael Sucsy. [PMc, Wireimage, Getty, LAT, FWD]

Peggy Siegal invited a media-heavy crowd to the Oak Room last night to watch the Super Bowl. Sports Illustrated editor Terry McDonell was in attendance (apparently, budget cuts prevented him from flying to Tampa in person); and some folks, such as former HarperCollins chief Jane Friedman, left, even donned 3-D glasses to fully appreciate the commercials. Others on hand for the festivities: Richard Johnson, Ron Perelman, Dan Abrams, Dave Zinczenko, Joanne Lipman, Charlie Rose, George Rush, Richard Meier, Cece Cord, Kate Betts, Gay Talese, Rocco DiSpirito, Chuck Scarborough, Francine LeFrak, Andrew and Nancy Jarecki, Ron Delsener, Ken Auletta, Larry Gagosian, Lewis Lapham, Steve Kroft, Lloyd Grove, Morgan Entrekin, Ann Dexter-Jones, Harry Smith, Liz Smith, Cynthia McFadden, and Felicia Taylor. [PMc, NYO, GoaG, Fox 411]

♦ Kate Betts sits down with Tom Ford and Karl Lagerfeld for an interview, which was also filmed if you can cope with seeing Karl's ponytail up close. [Time]
♦ Suzy Menkes celebrates 20 years at the IHT, and fashion stars including Marc Jacobs, Karl Lagerfeld, Donatella Versace, Alber Elbaz, Anna Wintour, and John Galliano offer their video tributes. [The Moment]
♦ Sofia Coppola is designing a line of handbags and shoes for Louis Vuitton. The company must have searched far and wide to find this unknown talent so deserving of a break. [WWD]

When money's tight, what makes women spend thousands on clothes? No one knows, but that's certainly no impediment to authoritative-sounding speculation when there are column inches to be filled. So, even though fashion designers plan fabrics and colors many months in advance of their shows, everyone has been eagerly interpreting new collections in light of the economy, mostly claiming that the bright, cheerful designs seen on the runway—like Betsey Johnson's—reflect a desire to detract from the gloom of dire financial prospects.

The former Anna Wintour protégé and ex-editor of Harper's Bazaar, Betts now oversees style coverage for Time and The Daily Beast.

The Gothamist also reviewed Kate Betts' review. Their take: "Weisberger suffers from young-New-Yorker's-syndrome: thinking she's the first person to have a shitty boss."
Wintour of her discontent [Gothamist]

Kate Betts, the former Editor-in-Chief of Harper's Bazaar, reviews The Devil Wears Prada, Lauren Weisberger's roman-a-clef about working at Vogue under editor Anna Wintour. Betts tears into Weisberger, criticizing her for the character's (read: Weisberger's) superiority complex: "Andrea makes no bones about the fashion business being beneath her, or that her true calling is not to be fetching tall lattes for Anna/Miranda but to be supplying high-minded prose for The New Yorker."