Quadrangle Group, which was not long ago America's most prominent media-focused private equity firm, is folding (in its current form, at least). The reason for its downfall is the same man largely responsible for its success: Steven Rattner.

As the L.A. media otherwise disappers, Jay Penske is in empire-building mode. His hitherto low-profile Mail.com Media Corporation acquired Nikki Finke's showbiz blog and he backed Movieline in April. From what we've gleaned, the guy's a true Tinseltown dreamer.