Keith Olbermann took Times reporter Brian Stelter to task last night for reporting that News Corp. and GE had worked out a deal to tone down the rhetoric between MSNBC and Fox News. But he didn't disagree with everything Stelter reported. Conveniently, only the bad stuff about him was wrong. [NYM]
• More bad news for Olbermann: MSNBC now admits it made a mistake by not disclosing that Countdown fixture Richard Wolffe is a paid lobbyist. Naturally, Olbermann had absolutely no idea about any of this. [Politico, Salon]
• Condé Nast is shedding more staff. This time around it appears the media giant's receptionists will be paying the ultimate price. [Gawker, NYM]
• Reps for Bruce Wasserstein met with BusinessWeek execs yesterday to discuss a bid for the magazine. Joe Mansueto, the founder of Morningstar and owner of Fast Company, may be a potential bidder as well. [BW]

Dan Rather filed a fresh lawsuit against CBS chief Les Moonves and former CBS News president Andrew Heyward yesterday. [Reuters]
• Why is no one watching NYC Prep? Because it sucks, possibly. [NYO]
• CBS may bring As the World Turns to an end in the near future. [NYP]
• ABC is moving production of All My Children from NYC to LA. [ABC News]
• The Emmy Awards will be a bit different this year. Part of the ceremony will be pre-recorded and edited in an effort to jazz things up. [NYT]
• Playboy reported a loss of $9 million for the second quarter. [WSJ]
• A new study finds that consumers spent more time "with media that they paid for than with advertising-supported media" last year. [THR]
• An interview with Jane Friedman and Larry Kirshbaum. [ObsessedTV]
• Network TV upfront negotiations are close to wrapping up. [AdAge]
• This just may be the most amusing cable news interview ever. [YouTube]