It's that time of year again, time for the Allen & Co's annual media industry confab in Sun Valley, Idaho. Occasionally described as a "summer camp for billionaires," the Herb Allen-hosted event is expected to atrract more than 250 media chiefs, tech moguls, financiers, Hollywood agents, and politicians, as well as the odd sports star or two. (LeBron James will be putting in an appearance this year.) Mostly, however, it will be populated by the sort of people who make it a point to show up every year, people like Bill Gates, Warren Buffett, Barry Diller, Sumner Redstone, and Rupert Murdoch, all of whom will undoubtedly be photographed over the coming days taking part in one of the many leisure activities arranged for attendees, like rafting, yoga, chess, bridge (a particular fave of Buffett and Gates), and biking (see Diller, left).

Television reporters set up shop outside the Jackson family home in Encino. Los Angeles is going to spontaneously combust today. Mark my words. (AP/Jason Redmond)

The Independent has a massive piece today on YouTube and how, despite having close to 350 million users worldwide per month, it's set to lose almost half a billion dollars this year. And it's all your fault, naturally.

Republicans are sick of Michael Jackson: it's a meme! We don't know why, but it is! Minnesota Governor Tim Pawlenty is sick of this nonstop coverage of the death of one of the world's most famous and bizarre people.

America's Paper of Record cannot afford to have its reporters sending text messages or calling 411 on their company phones. What a pitiful state of affairs.

The bankrupt Tribune Co. has finally reached a deal to sell the Chicago Cubs, reportedly for close to $900 million. Only, ah, $11 billion more until Sam Zell has that debt knocked out! [Pic: AP]

The results of our poll to find America's best city for journalism, story-wise, are in. Chicago surged into second place thanks to a characteristic ballot-stuffing campaign, but in the end, good sense prevailed. Full results below!

In your sunny(!) Monday media column: Macy's costs the newspaper industry $600 million, Vogue is dreadfully low-class, The Daily Beast speaks very well of a book, and here's the name of new thing to write for: 'The Ennuist.' Haha.

• It looks like Vogue is finally taking note of the recession. The July issue features a $40 Gap hat and $50 pair of J. Crew shorts. Ouch. [NYT]
• The Transformers sequel topped the box office once again this week, raking in $42.4 million to edge out Fox's 3D movie Ice Age by a smidge. [THR]
• Some retailers have been covering up the new issue of GQ featuring a semi-nude Sacha Baron Cohen. Not that GQ minds the "controversy." [NYT]
• Casey Kasem counted down the hits for the last time this weekend. [ABC]

How is Matthew Winkler, bow-tied tyrant-in-chief at Bloomberg News, quashing his staffers' dreams today? By making his underlings suffer because of a grudge he has against one of the world's most prestigious papers, according to an insider [UPDATED below].

You know who Sarah Palin totally reminds Tina Brown of? Princess Di. Previously in "People who remind Tina Brown of Princess Di": Paris Hilton, and everyone else in the world. [Daily Beast]

The Washington Post did a terrible thing, the New York Times reports. "Why is the WP so morally bankrupt?" the NYT wonders. The Post has issued a laughably weak apology for being a cheater loser paper, reports the NYT!

At around 1:30am Eastern time, Dan Abrams' Mediaite, his "Huffington Post meets Gawker" website, went live. We've been trying to take a look at it, but it keeps going down. Ah, growing pains!

The Times' Brian Stelter notes today that thanks to television networks placing shows on the internet, more people are watching video on the web for longer periods of time, leading to an explosion of original content created outside of Hollywood.

There're legions of uber-qualified writers who aren't employed right now due to the Sad State of Media. Funny, then, that Time Inc. hired a once-shitcanned People bureau chief accused of bad staff practices (nepotism, intern bedding) at their flagship, Time.

In your Friday-like Thursday media column: Howard Kurtz types many words for no good reason, Rupert Murdoch denies wanting to own the NYT, the WaPo can't stop distancing itself from that sellout email, and journalism is practiced in Honduras.

Today in the Washington Post editorial page: former UN Ambassador and unpleasant mustachioed asshole John Bolton says it is time for Israel to start a war with Iran.

• The New York Blade, one of the two big gay and lesbian newspapers in New York City, has suspended publication and laid off most of its staff. [NYT]
• How many books can you possibly read about Bernie Madoff? Who knows, but there at least four books about him scheduled to hit stores this fall. [Crains]
• David Rohde, the New York Times reporter who was kidnapped in Afghanistan with his translator in November and released a couple of weeks ago, returned to the Times newsroom to a standing ovation yesterday. [NYT]
• James Frey's young adult novel has been sold to HarperCollins. [NYT]
• Wonkette editor Ken Layne has sold a book to HarperCollins, too. [NYO]
• The battle between CNBC's Dennis Kneale and bloggers goes on. [Dealbreaker]

WWD has a long piece today on Michael Wolff, the Vanity Fair columnist who has had a rough few months ever since we first reported that he was carrying on an affair with a former Vanity Fair intern named Victoria Floethe. If you've been wondering what Wolff has been doing since he disgraced himself so fully (or you're interested in seeing a photo of where he's currently living), you should enjoy.

The Washington Post sent a flier to DC corporate lobbyists and other scum offering them an exclusive, schmoozy dinner with political officials and Post reporters for only $25,000. Now they're disavowing it! Come now. They were just too honest.