Not surprisingly, nearly every major network is planning "longer and more exhaustive" coverage of the inauguration compared to years past. [NYT]
Ugly day at Time Warner: The company is reporting its annual first loss in six years and is writing down $25 billion in the fourth quarter. [BN]
Is Dick Parsons in line to become Commerce Secretary? [B&C]
• Forbes laid off 19 people yesterday. [ATD]
• People's Jess Cagle is taking over as managing editor of EW. [NYP]
Michael Hirschorn thinks it's possible the New York Times will go bust in the next year; the Observer says Times boss Arthur Sulzberger Jr. is the "media mensch of the year." Go figure! [Atlantic, NYO]
Lloyd Grove's 4,100-word article on Sumner Redstone is online. [Portfolio]
If a cable news doctor can be Surgeon General, we probably shouldn't be surprised to see that Joe the Plumber is now a war correspondent. [NYP]