In your crushing Wednesday media column: another media bankruptcy, the Businessweek sale draws nearer, Paula Froelich occupies her time, and the magazine industry has an idea!

Mort Zuckerman and one private equity firm have dropped out of the bidding for Businessweek, leaving only Bloomberg and ZelnickMedia as the contenders. Bloomberg will probably win it. It's a dubious prize. But he can afford it.

What media company went bankrupt today? CanWest, the Canadian media conglomerate that owns The National Post. Tune in tomorrow for another edition of "What media company went bankrupt today?"

Look, recently departed Page Sixer Paula Froelich is now blogging for HuffPo. This one's about the funemployed life of the "professional novelist." It sounds a lot like being a "professional blogger" except with disposable income.

Time Inc., Hearst, Conde Nast, and other big publishers are totally serious about owning the digital space and all that. They're reportedly "just weeks" away from launching their own sort of E-reader, that will E-read magazines, but in a super special magazine way. I don't know why this really needs to exist but I do hope it succeeds, cause the mags could really use the money.