Tribune Company

The mystery of why deputy managing editor Adi Ignatius is leaving Time is solved: He's the new editor in chief of Harvard Business Review. The Boston-based title has been without a top editor since last summer, when Tom Stewart quietly resigned.

—CBS makes NYT's front page (in an ad): Trying to stave of further ad revenue declines, the NYT has accepted its first display ad on the front page of the print edition from CBS (NYSE: CBS).

Another sign of how newspapers and other media outlets are trying to change models in tough times ... In one of the highest-profile examples of news sharing between major media, the Baltimore Sun and the Washington Post have agreed to share some sports and Maryland coverage. Both papers have been trimming staff to cut costs as revenues drop; the Sun is under the extra financial pressure of being owned by the bankrupt Tribune Co.

-Fox News has named a replacement for Brit Hume, who retires at the end of the year. Chief White House correspondent Bret Baier will take over as anchor of Special Report. [TVNewser]

-The Screen Actors Guild has pushed back a vote on whether to strike until mid-January. Numerous top actors are urging SAG members to vote against the strike, saying they can't afford to shut down the industry right now. [LAT]

Nearly two weeks after Christie Hefner announced plans to step down as CEO of Playboy Enterprises, insiders at the company are still puzzled by exactly what it means. But they do have some theories.

The McClatchy (NYSE: MNI) Company's stock ended down again on Thursday, finishing at $1.05. That's a 30 percent decline and a new low for the newspaper publisher's share price, coming just days after Monday's announcement that November total revenues fell 19.4 percent—with ad revenues plummeting 22.4 percent.

A rare bit of good media news: It seems as if Time magazine's holiday cookie budget escaped the Time Inc. cutbacks. Sweet!

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Photo by Sean Driscoll; cookies by Veronica's Treats.

-- MediaNews' debt rating lowered on ad declines: Moody's Investors Service has downgraded MediaNews Group's credit rating to junk status. The credit rating agency fears the worsening economic climate will squeeze the publisher of The Denver Post and about 50 other newspapers even tighter. The ratings action affects $962 million worth of debt.

At last, Jeff Bewkes is the man.

Time Warner just named Bewkes chairman, confirming that the current occupant of that post, Dick Parsons, will step down on Dec. 31. Bewkes became CEO of the media conglomerate in January; an out clause in his contract would have allowed him to walk away had he not been made chairman by the start of 2009.