Sure, American Media Inc. may be carrying more than a half bil in debt, but at like we said, the National Enquirer is one bright spot. Though having seemingly abandoned the John Edwards love child scandal for now, the Enquirer did pick up an 11 percent bump in newsstand sales. Though, framed another way: Only an 11 percent hike?

"In a last ditch effort to save his company, American Media CEO David Pecker late last night quietly launched a cash tender offer to buy out holders of $570 million in debt and refinance the tabloid publisher," Peter Lauria reports. For some bizarre reason, this isn't being described as a last ditch effort to save his job. Whether gun-toting Pecker is to blame, or it's the print industry or the credit crunch, the man has overseen the perilous downfall of AMI. The only bright spot on its ledgers these days in the National Enquirer's free publicity, but now that everyone has had their fill of John Edwards, and he's been shunned from the DNC and no cable news channel will even touch the story, even that wonder well is running dry. And yet Pecker continues to arrive at AMI's offices every morning, with job security.

American Media Inc. debt overseer David Pecker has a permit to carry a concealed weapon in Florida. This will be worthwhile should Mr. Pecker, whose company publishes the National Enquirer, ever run into John Edwards on a steamy Miami night. [WoD]

There's this rumor going around that OK! magazine owner Richard Desmond is hiring Bonnie Fuller, she being the former American Media editorial director and Star leader, to run his American exclamation point tabloid.

Fuller, who just left a $2 million-plus payday with David Pecker, is starting her own company, Bonnie Fuller Media, which by all accounts is some sort of digital (and maybe some TV) venture with backing from former Viacom exec Russ Pillar.

The rumor says there are "protracted talks" between Fuller in Desmond, who is said to be looking for a high-profile EIC to replace Sarah Ivens, who's been running the tabloid since it launched on American shores. The U.S. OK!, which Desmond reportedly sunk $100 million into (though, because he pays in British pounds, he gets everything half off), has seen circulation increase, but not enough to really compete with more established players like In Touch or Us Weekly. Which might explain why we're also told Desmond made overtures to Us editor Janice Min, who declined.

So is Fuller taking over at OK!? No, say well-placed informants. But it's true Desmond did reach out to her.

Which leaves only one real question:

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You'll have to wait ANOTHER FULL QUARTER!!! to learn whether Bonnie Fuller, having left AMI as editorial director, earned the $2 million severance package she was gonna get if she left the company in March, since she stayed until May. In the meantime, know this: Fuller was on track to earn $2.4 million in 2008, up from $2.1 million in 2007 — both more than David Pecker's paycheck of $1.6 million in '08. [WWD]

American Media chief David Pecker on former deputy Bonnie Fuller: "I think you take away anything to do from her salary base just for what she has accomplished…when you take a look what Bonnie has done with the book over the years I can't think of anyone I know who's more capable and worth more dollars than her to create shareholder value for that magazine. [... The magazine is ] more successful today than when Bonnie has run it over the last four years…It runs on its own. You just need the right captain or admiral to steer it." [FBNY]

Was Bonnie Fuller's exit from American Media a departure planned well ahead of its announcement, or did it come about as suddenly as her deciding her time was up? Never mind that she shot down Keith Kelly's initial questions about her leaving weeks before the announcement came, but perhaps the dust jacket for real estate impresario Barbara Corcoran's book, Nextville, released in April, tells all.

Since the jacket had to be mocked up well before the book went to press, it's curious that Bonnie Fuller, who was running AMI and Star up until last week, is identified only by her own authordom: the scribe behind The Joys of Much Too Much, and not any of her highfalutin titles.

Then again, David Caplan is identified as merely an "entertainment journalist," even though at any point in the last 12 months, he could've been blurbed as either Star's New York bureau chief, VH1 blogger, and, now, a People titan. So maybe they just went the safer route.

Larger version below.

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We love this side of Bonnie Fuller, the lady who just stepped down as editorial director of AMI to take a gig as Star's editor-at-large while she works on some secret "exciting new venture" (something with TV! and LOS ANGELES!, we're hearing).

We've seen her doing these faux celebrity newscast spots with Spinner.com before, and it's a good image for her to broadcast: light-hearted, breezy, able to laugh.

One question though: If Julia Allison is Star's much-hyped and overpaid "editor-at-large" (the glorified title for "paid to appear on TV"), is Bonnie's new stand-in gig going to give her the boot?

Clip below.

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Bonnie Fuller, who yesterday announced she was leaving her editorial director post at AMI to work on new things, knew she was going to get picked up by the industry press, who have never taken kindly to her. Keith Kelly reminds us that "In the end, few are sorry to see her leave AMI." [NYP] And the Post also took the time to mock up this faux tabloid cover, with coverlines, "Terrible Tyrant Tossed!," "Pecker Wins Day!," and "Former Staffers Jubilant!" Eh, it's kind of weak, but they did manage to squeeze four exclamation points on the thing, and even Bonnie would respect that.

By voluntarily stepping down from American Media's editorial director spot, Bonnie Fuller isn't just saying goodbye to a position of power, but also:

• $1.5 million in annual salary
• $500,000 a year, minimum, in bonus / a "target bonus" of $1 million
• First-class airfare and Four Seasons-level travel accommodations
• $80,000 in car services
• $2,000 for business-related hair and make up

A bit of breaking news: Bonnie Fuller, blogger and comedian, is finally stepping down as editorial director of American Media Inc., a position she's held since July 2003, silencing the months/years-long rumors that she would do so. The decision is effective tomorrow. She'll stay on as editor-at-large for Star and will, says the release, serve as a consultant to CEO David Pecker.

This will give Bonnie more time to criticize Lynne Spears.

Update: Naturally, the speculation that Bonnie has been fired is bubbling up. We're assured by one multiple insiders that she's stepping down voluntarily. Though perhaps unfortunately for Fuller, both scenarios are plausible.

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American Media chief David Pecker is having his $1.5 million salary renewed, despite his leadership that has driven the company's debt load into dangerous territory. His country club membership will continue to be paid for by the company. [WWD]

• The $1.08 billion in debt American Media is carrying is bad debt, says analyst troupe Moody's, which just downgraded the company's rating. This puts more pressure on David Pecker to work out a deal with Ron Burkle, who's shown interest in snapping up the company but hasn't exactly moved forward with the deal; something about involving more cash in the deal thanks to fearful banks. [Keith Kelly]

American Media Inc. is publicizing their financial reports? Back the F up.

The company behind respected publications like pay-for-tips Star, National Enquirer, and Flex, has a record of doing everything in their power to delay reporting its quarterly numbers to the SEC, sometimes paying six- to seven-figure fees for the privilege. And when they did report the figures – always bad, always big – they'd do it just before a three-day holiday weekend, just like the Bush administration or any statement-issuing publicist worth her retainer.

Now, things are looking up, which explains why AMI – a subsidiary of EMP Group LLC, a holding company controlled by private equity firms Evercore Partners and Thomas H. Lee – is sending out a press release with the good news.

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Paying sources for stories? So not kosher at newspapers of record, but it's standard practice in the tabloid biz, no matter how many denials editors deliver.

But a tabloid other than OK! owning up to it? Psshaw. Until, that is, Star's Candace Trunzo owned up to it.

"We do pay for information," she says. "I make no qualms about it. I think all the celebrity magazines do it." They've even started printing the 800 number for a tip line, like TMZ.com does, with promises of $100 or more for information. (To the half dozen tabloid veterans who've spoken to us on the issue, it's generally accepted knowledge that TMZ pays for information. TMZ denies the charge. Like People, they're a Time Warner company, and paying sources would violate policy..)

It's all part of Candace's plan to re-supermarket-ize Star — an about-face to its mission not so long ago to glossy it up. And given Trunzo's tightknit relationship with AMI cousin National Enquirer, and its editor David Perel, the process is probably further along than you think.

Worth noting is that when Bonnie Fuller took over at the tabloid after reigning over Us Weekly, she insisted the magazine would differentiate itself from the other newsstand garbage, even though it was widely suspected scoops were still paid for under her watch.

So what's the big deal about paying for information?

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