Olbermann Re-Ups, Buyouts Begin at Time Inc.

Keith Olbermann has signed a new, four-year contract with MSNBC. He'll earn $7.5 million a year, which is 25 percent less than what his arch-nemesis Bill O'Reilly is collecting from Fox News. [TVDecoder]
MSNBC's new slogan—"Experience the power of change"—has absolutely nothing to do with Barack Obama's victory, naturally. [NYT]
The job cuts at Time Inc. are underway. People is looking for 18 people to take buyout packages. Time is looking for 20 volunteers. [WWD]
Jared Kushner says revenues at the Observer are up 40 percent, although the paper is still losing $2 million a year. [Guardian]
Madagascar: Escape 2 Africa, from DreamWorks/Paramount, reeled in $63.5 million in its first weekend. [NYT]

Shari Redstone, Sumner Redstone's daughter, has stepped down as chairwoman of Midway Games, a move that suggests Redstone may sell the family's stake in the videogame company. [WSJ]
Keith Kelly speculates on what changes are in store for Condé Nast over the next few months. [NYP]
MGM plans to post full films on YouTube. [NYT]
CBS News president Sean McManus has announced that Chip Reid will be CBS News's chief White House correspondent. [TVNewser]