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Anyone Else Want to Acquire a Media Property?

MEDIA • Thomson agreed to buy Reuters for $17 billion, creating the largest financial-news service and the first major rival to Bloomberg LP. [Reuters via CNNMoney] • Murdoch offered the Bancrofts a seat on the News Corp. board and asked to meet with the family personally. After an internal conference call, the Bancrofts seem unmoved. [NYT] • Ron Burkle bought the Primedia Enthusiast unit for $1.2 billion and now owns 70 titles like Dressage Today and Popular Hot Rodding. [NYP]

Welcome, Topshop!

FASHION • It's official: Topshop is officially coming to New York. The Brit retailer is planning three outposts in Manhattan. [Racked] • Kate Moss reportedly saved Lily Allen from a beatdown at the Glastonbury festival. [Daily Mail] • Will Valentino finally choose a successor for his label? [British Vogue]

Isabella Blow Overdosed

FASHION • The speculation ends: Isabella Blow died of a drug overdose. [BBC] • Despite news that Jil Sander's sales were up, rumors are swirling that the line may be sold. [Fashion Inc./Portfolio] • Diane von Furstenberg's new neighbors have welcomed her flagship with open arms. [Downtown Darling]

Man the Buckets! Long Term Capital Is (Sort Of) Back!

FINANCE • Some of Long Term Capital's former executives are making another go of it with a new fund, Quantitative Alternatives. [Bloomberg via DealBook/NYT] • Morgan Stanley will pay $8 million to settle federal fraud charges over its alleged failure to get the best prices possible for retail stock investors. [AP via NYT] • The SEC will announce Monday whether it will appeal a court ruling that overturns the "Merrill Lynch" rule, allowing brokers to offer fee-based services to clients without being registered as financial advisers. [NYP]

Advantage: Grasso

FINANCE • Richard Grasso may keep his money, after all. A New York State appeals court threw out four of the six claims filed against the former NYSE chair by the attorney general's office. [NYP] • Perella Weinberg may have missed out on advising the Ford family, but the firm finally got its first big deal with a lead role in Thomson's attempt to acquire Reuters. [DealBook/NYT] • The future of two Dow Chemical executives will be determined by testimony JPMorgan CEO James Dimon, who knows for sure if they spread rumors of a sale. [NYT]

What Did the Editor Know, and When Did He Know It?

MEDIA:Wall Street Journal editor Paul Steiger opted to sit on the story of Rupert Murdoch's bid until it was broken by CNBC. But who else knew about the deal, and did they profit from the information? [NYT] • The Newseum will open in Washington in October. Exhibited artifacts will include Daniel Pearl's laptop and the slippers former blogger Ana Marie Cox wore while writing Wonkette. [NYT] • • If Thomson buys Reuters, Reuters's CEO would run the new financial-information company, to be called Thomson-Reuters.* [Reuters via Romenesko]

Of Course Gordon Gekko Is a Hedge-Fund Manager

FINANCE • Gordon Gekko is back! Michael Douglas will reprise his Oscar-winning Wall Street role, only this time as a hedge-fund magnate. [NYT] • James Simons tops a list of Wall Street's highest earners. [Forbes] • Two of Rudy Giuliani's firms represented both a creditor and a debtor in a bankruptcy case, a possible conflict of interest that was not disclosed to the judge. [WSJ]

Hedge-Fund Managers Can't Get Over Aerosmith

FINANCE • At this year's 2007 Robin Hood benefit, philanthropic hedge funders paid $400,000 to sing a song with Aerosmith, and $1.3 million for dinner with Mario Batali. [NYT] • Hafiz Naseem, a junior investment banker at Credit Suisse, was charged with insider trading after he tipped off associates in Pakistan about deals, including the TXU buyout, before they were made public. [NYT] • Google is the No.1 preferred employer for MBA students, with more traditional companies McKinsey and Goldman taking the next two slots. [Fortune via CNNMoney]

Welcome, Hedge-Fund Backlash!

FINANCE • Not all hedge funds are profitable. UBS is closing its fund, Dillon Read Capital Management, after a loss of $124 million in the first quarter. [Reuters via NYT] • Ken Moelis, who is leaving as UBS's investment banking president in June, is trying to staff his boutique investment bank with former colleagues like Navid Mahmoodzadegan and Warren Woo. [Deal Journal/WSJ] • The New York Fed warns that the current hedge-fund climate puts the economy at risk for a Long Term Capital–esque crisis. [DealBook/NYT]

Bancroft Family Divided Over Dow Jones Bid

MEDIA • A Bancroft spokesman said family members who hold slightly more than 50 percent of voting shares will oppose News Corp.'s bid for Dow Jones. [NYT] • Don Imus hired a top-notch First Amendment attorney to see that he gets the $40 million left on his contract. [Fortune/CNNMoney] • Former Newsweek Interactive head Mark Whitaker will oversee TV programming and Web content at NBC News. [WWD]

Today in Legal Proceedings: Braunstein and Lidle and Miss America, Oh, My!

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In the criminal-justice system, as you know, the people are represented by two separate but equally important groups: the police, who investigate the crimes, and the district attorneys, who prosecute the offenders. Then there are the shyster defense lawyers, who try to convince juries that deranged and confessed torturers should get off; NTSB air-safety boards, who can't quite figure out who was flying the plane that crashed into the buildings; and Miss America, who entraps sexual predators. Yesterday was a busy day for all of them, and these are their stories. Da-dum.

Murdoch Makes a Move on Dow Jones

MEDIA • News Corp. made an unsolicited offer of $60 a share for Dow Jones today, sending the share price up 58 percent on the news before trading was suspended. [CNBC] • GQ auctioned off a one-month internship in its marketing department on eBay. The winner paid $30,200 — likely more than a marketing assistant makes in a year. [eBay via Media Mob/NYO] • Contrarian Christopher Hitchens called the Virginia Tech shootings a "non-story" at the annual ASME board meeting yesterday. [Fishbowl NY/Mediabistro]

Skadden, Arps Tops AmLaw 100

LAW • Skadden Arps tops the AmLaw list with $1.85 billion in revenue last year. [The American Lawyer via Law Blog/WSJ] • The AmLaw 100 reveals that the majority of top-performing firms have profits per equity partner of $1 million or more. [The American Lawyer] • Martin Armstrong, the Ponzi scheme investor who was jailed for contempt for over seven years, was released after a psychiatrist testified in his favor. Armstrong now begins his original five-year sentence, with no credit for time served. [New York Law Journal]

Sing Along With Ernst & Young

FINANCE • So does your company have a lame, embarrassing theme song? It does if it's Ernst & Young. [DealBreaker] • A Banc of America analyst wrote reports on top pharma companies without talking to corporate management. So is he lazy or forward-thinking? [NYP] • Perella Weinberg Partners has raised $1.1 billion and hired 22 recognizable partners. But in eighteen months, the firm has yet to make a big deal. [NYT]

Will Dior Ditch Galliano?

FASHION • Are John Galliano’s days at Dior numbered? [NYP] • Alice Roi’s been busy: Her acclaimed Uniqlo collaboration hits shelves this week, and her pop-up store will open in May. [The Shophound] • Anya Hindmarch reportedly sent her ecoconscious "It" bag to editors in … a plastic bag. [Fashionista]

Miller, Safire Go Silent on Moyers

MEDIA • Who's afraid of Bill Moyers? Apparently Judith Miller, William Safire, and Charles Krauthammer — all of whom refused to be interviewed for tonight's PBS show Buying the War. [WP] • The Pulitzer Prize the Daily News received for coverage of the health of 9/11 first responders was the same story the paper downplayed in 2001. [VV] • Stick with fluff: The In Touch Virginia Tech cover was a flop. [NYP]

City Council: Beware of Nanny Agencies

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It's nerve-racking enough to find a nanny in this city — well, at least so we're told — and now it seems you can't even trust the agencies that are supposed to help ease the process. The City Council released a study last week showing that about half the nanny agencies surveyed break the law: A four-month survey of 37 out of the city’s 52 nanny agencies (as well as interviews with a handful of nannies) turned up infractions running from the bureaucratic (leaving license numbers off public advertisements) to the dubious (overcharging both parents and nannies for services; operating without a license).

Bad Times for the ‘Times’

MEDIA • In a show of symbolic disapproval, New York Times shareholders withhold 42 percent of the vote for the company's directors. [AP via Yahoo] • Pulitzer Prize–winning reporter and prolific author David Halberstam died yesterday in a car crash on his way to an interview. [NYT] • Are Marie Claire's video podcasts too commercial to be called editorial? [WWD]

Abortion Ruling Causes Worries, Confusion for Angry City Docs

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The Supreme Court decision last week banning so-called partial-birth abortions is causing confusion and apprehension in the city's hospitals. At Bellevue’s Reproductive Choice Unit, for example, unnerved residents circulated stories about the hospital's sordid past, when floors were once full of women who attempted termination on their own. “I don’t think many of us know what partial birth is — it’s not a medical term at all,” said Kiran Chawal, a third-year resident there. “We’ve all looked it up to figure out what they’re talking about. It’s difficult to understand or interpret.”

Private Equity Votes for Romney

FINANCE • Investment bankers may be backing Barack Obama, but private equity is investing in Republican Mitt Romney's future. [DealBook/NYT] • KKR's Henry Kravis credits Morgan Stanley and Merrill Lynch with doing "extremely well" in buyouts but disses Goldman Sachs by omission. [Deal Journal/WSJ] • Stephen S. Roach, Morgan Stanley's chief economist, will take his dour views on the American economy to Hong Kong as the bank's chairman of Asian operations. [NYT]