
Collected and Edited by Rick Kaempfer
Highlights and links to the big stories in the news this week about the media. This column appears twice a week at MEDIA NOTEBOOK

(Radio-Info.com) Tom Taylor writes: "He got caught with too much debt when the market turned and is forced to announce that he’ll sell off $400 million of his controlling National Amusements’ stake in both CBS and Viacom – diluting his net worth, though not his voting control. That’s a selloff of about 20% of the Redstone family’s holdings in CBS and Viacom...Once again, you wonder if Redstone would like to rewind the tape to three years ago, when he decided to split up Viacom into CBS (radio, TV, other “slow growth” businesses) and a new, smaller Viacom (MTV and other cable assets, movies). You want agita? Think about stock in “CBS” falling $2.04 on Friday, to a historic new low of $8.10 a share. And the volume was ferocious – six times the normal trading levels. Since New Year’s Day, CBS stock has lost about 70% of its value, and it was only 15 months ago that “CBS” was hanging comfortably around $35."
Redstone family in dispute over stock sale
(Los Angeles Times) When the stock price is literally the only thing you care about in life, bad things happen when the stock price goes down. Claudia Eller writes: "The bitter feud between billionaire Sumner Redstone and his daughter, Shari, erupted again Tuesday over the murky circumstances surrounding the sale of $233 million in non-voting Viacom Inc. and CBS Corp. shares by the family's privately held National Amusements Inc."

(Broadcasting & Cable) John Eggerton writes: "Government lawyers say they need more time to decide whether to seek Supreme Court review of the indecency fine against CBS stations over the fleeting nudity in the Janet Jackson/Justin Timberlake Super Bowl half-time show. That's according to Media Access Project, which was served notice of the request. MAP was a party to the lower court challenge. The Third Circuit Court of Appeals last July threw out the fine, concluding the FCC's decision had been arbitrary and capricious and an unjustified departure from prior precedent. The deadline was Oct. 19 for filing a cert petition with the Supreme Court--essentially a request to hear an appeal of a lower court decision. The Solicitor General said it would need until Nov. 18."
NY Attorney General Cuomo files suit against Arbitron
(Radio Online) New York Attorney General Andrew Cuomo said Friday that his office had filed a lawsuit in New York County Supreme Court against Arbitron. The suit accuses the ratings giant of "deceptively claiming" that its Portable People Meter (PPM) system is valid, fair and representative of diverse radio markets. It also charges Arbitron with failing to disclose flaws in the PPM methodology including the accuracy of its African-Americans and Latinos samples. "Arbitron's rush to commercialize the PPM system without curing known flaws in the service distorts the marketplace, and threatens to drive minority broadcasters out of business. Arbitron must refrain from using this flawed product in New York until it is truly a reliable and fair service," said Cuomo.

Christopher Hitchens endorses Obama
(Slate Magazine) Journalist/Author/Writer Christopher Hitchens was a big supporter of the Iraq war, but still endorses Obama over McCain. Here's why: "On 'the issues' in these closing weeks, there really isn't a very sharp or highly noticeable distinction to be made between the two nominees, and their 'debates' have been cramped and boring affairs as a result. But the difference in character and temperament has become plainer by the day, and there is no decent way of avoiding the fact. Last week's so-called town-hall event showed Sen. John McCain to be someone suffering from an increasingly obvious and embarrassing deficit, both cognitive and physical. And the only public events that have so far featured his absurd choice of running mate have shown her to be a deceiving and unscrupulous woman utterly unversed in any of the needful political discourses but easily trained to utter preposterous lies and to appeal to the basest element of her audience. McCain occasionally remembers to stress matters like honor and to disown innuendoes and slanders, but this only makes him look both more senile and more cynical, since it cannot (can it?) be other than his wish and design that he has engaged a deputy who does the innuendoes and slanders for him."
Kathleen Parker talks about Sarah Palin