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• A big round of layoffs landed at the Associated Press today. [BI, NYT]
Budget Travel isn't shutting down, contrary to rumors. But its owner is looking to sell the magazine or find new investors, however. [AdAge]
• Time.com's managing editor, Josh Tyrangiel, will become the editor of BusinessWeek when Bloomberg LP…

• Is Oprah preparing to leave her syndicated show behind and take her act to OWN, her long-delayed cable network? That's the rumor anyway. [DH]
• The new editor of the Observer is Kyle Pope, formerly of Portfolio. [NYO]
• Cable meets kindergarten: Fox News will stop being mean to MSNBC only if MSNBC first stops being…