Life & Style, often described to us as the black sheep of the tabloid industry, has suffered a tumultuous history. Since Bauer head Hubert Boehle launched it in 2004, it's seen a sea change of editors-in-chief. Most recently, Australia's Donna Armstrong was shown the door — for "maternity leave" — after being hired only in July. Before she, In Touch editor Richard Spencer had been manning the magazine with the help of his two deputies, Dan Wakeford and Michelle Lee. That's because Mark Pasetsky was removed from the post (he's since taken to bashing his former employer) after Debra Birnbaum, now the editor of TV Guide, exited in another regime change. So, where do we stand now? With In Touch exec editor Dan Wakeford taking over L&S's top spot, making him the sixth editor in three years. Which means the job could either be a blessing (who doesn't want to run their own magazine?) or a curse (don't L&S editors last at Bauer no more than, like, four months?).

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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We're hearing big news out of Bauer today: The New Jersey tabloid publisher is moving Richard Spencer to the position of editorial director of Life & Style, though he'll remain editor-in-chief of In Touch. Filling in, then, for Spencer's open EIC slot at L&S, which he took over when Mark Pasetsky vacated the position, is Donna Armstrong, who was running Australia's New Woman magazine after leaving Britain's More, both published by Emap. Dan Wakeford and Michelle Lee, who were the deputies at both tabloids, will stop splitting their duties and move back to In Touch.

As the drama of the FBI investigation into Bauer's photo department grows, so, too, do the specifics of its scope.

Original reports of a probe into In Touch suggested the feds were interested in a payola scheme involving a LA editor getting a cut from a paparazzi agency for each of its photos he helped land on the cover. Except as our sources explained, the West Coast office has no role in choosing covers; that all happens with Richard Spencer's team in Englewood Cliffs, New Jersey.

So what is the FBI really interested in?

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Is Richard Spencer's double duty at In Touch and Life & Style costing the two Bauer tabloids their singular identities? Critics are quick to say "absolutely." Naturally!

Not only are both magazines running very similar content and storylines, but there are also instances of the weeklies having their cake and inhaling it too, by supporting a celeb in one rag and trashing him in the other.

"They're definitely trying to have it both ways," says one veteran staffer at a competing tabloid. And when they run "what's basically the same story in both magazines, they look cheap."

Well, they are only $1.99.

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This is Jossip publisher David Hauslaib getting bleary-eyed with Post media scribe Keith Kelly. (Yes, that is one thumb way up.)

Keith had just returned from the bar with a Ketel One and soda for David, and a proper beer for himself. You see, when Keith arrived at In Touch's fifth anniversary party, he had been handed some sort of raspberry-and-pommegranite beer concoction. He did not like it. We're sure of that.

What we're unsure of it whether he enjoyed Kanye West's performance, because we were too busy noting how many feet apart a Post columnist and a New York Daily News columnist (in this case, Ben Widdicombe) should keep between them.

Eyeballing it, we guessed at least six or seven.

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Tomorrow night In Touch is throwing a bash at Tenjune, which is being billed as their fifth anniversary party, but, let's be honest here: It's more a celebration of EIC Richard Spencer taking over Bauer's sister tabloid. Or at least that's how we'll be treating it. The Bloc Group wrangled a performance out of Kanye West, while industry friends Paul Sevigny and DJ Cassidy take care of the decks.

We're a wee bit curious, meanwhile as to what their guest list is looking like, given tabloids' mixed results at securing celebs. Us Weekly, for all its newsstand clout, has trouble stocking a suite with talent but snags some decent guests at its Hot Hollywood event. For what it's worth, we've been promised "a bunch A-list stars."

Meanwhile, the Bauer weekly is facing off against Conde Nast Traveler's own anniversary party; they're celebrating 20 years in the biz, with LL Cool J and Debra Messing confirming for the Cooper-Hewitt Museum event.

For obvious reasons – say, the magazines' different, um, appeals – we imagine RSVP conflicts will be kept to a minimum.

Nobody at Bauer has any idea where those rumors about Life & Style shutting down entirely came from. But the Bauer dust has settled, leaving In Touch EIC Richard Spencer in charge of both celeb weeklies.

There's no plan to fire anyone at L&S, says a source there. That doesn't mean the climate won't change by next week, of course, but we're told both magazines will maintain separate news reporting staffs. Spencer has met with senior level L&S staffers already and, from what we understand, everyone is well-liked. At least enough to keep the friendly game of smiles going on in Englewood Cliffs. Staffers at L&S tell us they're "thrilled" and "so happy" to have new leadership.

Not making that list of well-liked, of course, is Mark Pasetsky, the now-former L&S chief who took the reigns in November to, um, our chagrin and delight. He was a "nightmare manager," says one knowledgeable source, "demanding to get stories that didn't exist." Well, yeah.

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"Ok, so Janice Min is making $1.5 million a year. [Ed: Potentially $2.5 million, with bonuses.] And she's supposedly moving a million copies a week on the newsstand. Meanwhile, In Touch is kicking its ass with some 200k more issues sold every week, and what do you think [In Touch EIC Richard] Spencer is earning? Not even close to that."

Part-time spouses Russell and Kimora Simmons are pissed at In Touch. They even told a New York State Supreme Court how unhappy they are with the Bauer tabloid, relays Stereohyped. But in an unusual twist when it comes to celebrities and their accusations of libel, it's not clear what they're so ornery about.

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