Bad news travels fast, but apparently not fast enough for the The Austin American-Statesman.

“Who owns a multimillion dollar newspaper?” is not a question you hear very often. But with the shrouded sale of the largest paper in Nevada, the Las Vegas Review-Journal, to an undisclosed owner, the question is being asked over and over.

Heh. Well played. The Daily News went with a lame acronym, while the Washington Post, which I don't think even wants to win the tabloid war anymore, chooses the stuffy "Citing affair, Petraeus steps down from CIA."

At 3:15PM, Berlin time, The Wall Street Journal suffered an unprecedented attack, The Wall Street Journal reports. A shadowy organization called "Anonymous Kollektiv" had orchestrated a "comment flash mob." The chilling result: Facebook comments. Here is what they said:

As if spending 72 hours in an egg wasn't bad enough: Lady Gaga is going to be a newspaper editor for an entire day. She'll be stopping by the office of the free tabloid Metro on May 17th to guest-edit the paper. Look for an infographic on prosthetic horn maintenance.

It's as impossible to imagine the New York Observer without Peter Kaplan as it is to imagine him without a paper to edit. As he told Gawker, "I love my paper and my staff desperately."

Jeff Bercovici explains why Rupert Murdoch is putting revenue—a planned doubling of the New York Post's cover price—over the circulation war with rival Daily News.

Say what you want about New York Times executive editor Bill Keller, who announced yesterday (left) the newspaper would be cutting 100 newsroom positions this year. But the guy gives a damn good bad-news speech. "We-all of us-have taken a badly wounded, publicly humiliated newsroom and restored it, largely by dint of great journalism, to a position of international esteem," Keller told his audience. "And we have done all of this while avoiding the cutting of muscle that has so badly weakened many of our competitors. Smugness, in our business, is death." Good line! "You pour your talent into this great miracle, and I am proud to be part of it." Aww. Feel inspired? Want to go change the world? Yeah! If you still have a job next month, you should totally go for it! After the jump, some key points from the in-house transcript of Keller's speech, which follows in full.

And so it begins. Tribune CEO Sam Zell announced in an email today to employees that he'll be cutting 400-500 positions across the company's various newspaper divisions. "Unfortunately, I can't turn this ship from its course of the past 10 years within just a few months," Zell wrote. "Further, while I will do everything in my power to drive, pull and drag this company forward, I can't promise we won't see additional position eliminations in the future." So reassuring! In an email to Los Angeles Times staff, publisher David Hiller said a third of the 150 spots he expects to cut will come from the newsroom. Last week a dozen Tribune HR employees got the Zell ax, and in Florida, the CEO warned Sun-Sentinel employees more cuts were ahead. "If you want to visit the corporate office, you ought to do it in the next month." Both Hiller's and Zell's emails are after the jump.