Despite loads of cutbacks, Nielsen née VNU launched a New York edition of The Hollywood Reporter on Friday. Variety also has a New York version of its magazine, as well as an online Asian edition. In a remarkable coincidence, The Hollywood Reporter will start an online-only Asian edition. Nielsen's business strategy is to offer enough of the same features as Variety that Hollywood neophytes will confuse the two. [NYT]

Adios Mike Marchesano. The VNU "chief transformation officer" (huh?), who was once chief of Nielsen Business Media (back when it was known as VNU Business Media) beginning in 2001, announced he's quitting July 31, we're told.

Mike, of course, was heading up the media giant's publishing division during that whole dildo lawsuit; once the case against Billboard publisher John Kilcullen and exec editor Ken Schlager was settled, Mike was kicked upstairs to assume the CTO title (that, um, is usually reserved for "chief technology officer").

Mike's exit leaves Kilcullen as the only remaining exec from the Days of the Dildo. Such an honor, especially after those 100 job cuts.

We're just receiving word that VNU Business Media editorial director Sid Holt has been — wait for it, wait for it — fired!

You might remember Sid from his fling with Rolling Stone photo director Jodi Peckman that cost him his job as the book's managing editor. Now the unsubstantiated gossip mill relays that Sid has been axed from the job he took over when then-VNU editor-in-chief Keith Girard was fired at the end of '04 (where he and senior editor Samantha Chang promptly filed a wrongful termination lawsuit against VNU).

No word yet on precisely why Holt was let go, but we are told that Billboard publisher John Kilcullen – a defendant in VNU's infamous dildo lawsuit – remains a rising star at the company. Perhaps it's because he fires others so well? To make matters more interesting, Kilcullen reportedly asked Holt to take over Billboard at least twice. And was turned down as many times.

• Newsweek to raise cover price in an attempt to have readers continue to dump the print version for the free online edition.

• Ariel Foxman secures gig as editor-at-large for Time Inc. First assginment: Trolling the halls of InStyle.

• Wet get it, we get it: Graydon Carter's Waverly Inn is the new Michael's.

• Watch as WWD recycles much of our October Fabian Basabe story.

• VNU continues the holiday cheer with five sacked at the Hollywood Reporter.

• NYT needs cash, turns to high priced rental market, looks to lease more floors in new building.

• Al Franken ditching Air America Radio. Or AAR ditched Al. Something like that.

We're hearing unconfirmed reports that VNU – which spent Friday slashing 100+ jobs – has dismissed Howard Burns as the editorial director its Media Entertainment Group, which is responsible for properties like The Hollywood Reporter and Billboard. If you're on the inside at VNU and can get past its "Employee Monitoring System," you know where to reach us.

Update: A VNU insider says the rumors are true. We're told Burns was let go by John Kilcullen, who's also listed as Billboard's publisher. You also might know him as one of the defendant's in the infamous dildo lawsuit.

We're hearing uncofimred reports that VNU, publisher of Billboard and the folks behind those lovely Nielsen ratings, is set to fire 100-120 staffers. (Worth noting: They have some 40,000 employees worldwide.) This comes on the heels of August's axing of 26 staffers. An insider tells us employees are under gag orders, which means leaks might be a little hard to come by.

Perhaps you know more?

Update: Our source tells us "assistant level positions at publications and in finance have been eliminated, and other selective cuts have been made."

Update 2: Why is there little word outside VNU? Because, as our source tells us, VNU set up an "Employee Monitoring System" shortly after the "Dildo Incident" forced the media giant to write a large settlement cheque. Elsewhere, FNBY reports cuts are among assistants and finance staffers.

VNU Business Media has been trimming some hedges of at Billboard and Radio & Records mags. A 26-staffer-whacking to be exact.

Seventeen staffers were axed from R&R, and the remaining nine came from Billboard–several of whom were longtime employees. Among the top editors let go were 21-year veteran Ken Schlager, executive editor/editorial operations; 18-year vet Melinda Newman, deputy editor/West Coast bureau chief, and 17-year vet Phyllis Stark, Nashville’s bureau chief.

The axings are chalked up to VNU acquiring R&R and merging the pub with their Billboard Radio Monitor, as well as "overlapping duties." Which may be fine for explaining that pub's cuts … but we're going to speculate – you know, just for fun and not based on any notion of truth – that the source of the Billboard lay-offs had something to do with another situation.

Does anyone remember the green vibrator incident? Perhaps the cutting of Ken Schlager and crew had something to do with that.

However! If any of you out there know anything about who else, exactly, got a VNU pink slip in their office inbox this week, please let us know. After all, other editors and publishers can't come steal the jobs if they don't know they're open.

Oh, Rolling Stone magazine. When not endorsing Madonna's geriatric routine or crowning Bono as the king of rock again (again), it's a great place to breed a gossip-worthy love affair. Just look at Jann Wenner's celebration of traditional family values: hanging on to wife Jane while shagging partner Matt Nye in full view of the Michael's crowd.

With the bar set so high, we thought fellow Wennerites might have a hard time topping the boss' feats. Luckily, there's Jodi Peckman to prove us wrong.

Who's Jodi Peckman? She's the Rolling Stone photography director that might just earn herself a second go-round in the Wenner firing machine. You see, back in 1998 the 20-plus year RS vet was unceremoniously flung from Jann's den of systematic order when he learned she had spent the last year shagging Sid Holt, then Rolling Stone's managing editor. Surprise, surprise: Holt got the boot too. (Technically, Jann got rid of Holt, while Holt's replacement Bob Love summarily ousted Peckman.)

Peckman dallied around the photo offices of FHM for a bit until Maximer Ed Needham headed to Rolling Stone and brought Peckman in through his velvet rope. Holt, the one-time Us Weekly editorial director who joined Wenner in '84, has since moved on to plusher plains at VNU, where he went from AdWeek Group editor-in-chief to director of VNU Business Media in January '05.

All was rainbows and snowflakes from there, right? Uh, no.

You see, Peckman and Holt (whose personal motto is "More. Better. Faster.") have been continuing their affair, and it's a not-so-well-kept secret at 1290 Sixth. Everyone on staff knows they're sleeping together — some even having been privy to nude photos Peckman had photog Isabelle Snyder take as a gift for Holt, which we're told were only recently removed from a web gallery, much to the dismay of staffers.

Well, not everyone on staff knows. There's one guy in in particular still in the dark: Jann Wenner.

Granted, even we're reluctant to believe Jann is out of the loop. But then again, he does think reality TV could save his magazine, so we can roll with it. And it's Jann's obliviousness that's keeping Peckman on his payroll.

Meanwhile, she and Holt continue to canoodle (oh you know we had to say it) on company time, taking lunch dates at China Grill or Brasserie — and never Michael's. For after work drinks, it's "some place close to Grand Central, on his way home to his wife and kids, or close to her place in the East 60s, for a quickie, [at] Gino's [or the] Four Seasons." Oh, we didn't mention Holt is married with kids? Our bad. (Quick tangent then: When Holt's wife learned of the affair, she kicked him out, forcing him to move in with Peckman for a short time. Wifey has since taken him back, "stupidly," according to our insider.)

So how is Jann still not in the know? Perhaps it's his own denial.

No one wants to tell Jann, he has some odd fondness for her. They hang out with Sheila Rogers, Karen Johnston, [Wenner mouthpiece] Cathy O'Brien, [former editor of now defunct Sync] Tony Romando (I think they even went to his wedding together) — I bet even [former Wenner PR flack] Stu Zakim knew. They are not what one would call discreet.

And what about current managing editor Will Dana? Check! Will is a willing participant in the "cover up."

Now, while our insider claims "EVERYONE knows" (except Jann) about Peckman and Holt, the question arises: Why is our source so willing to dish? Sure, our source might have an agenda to push, but we're content in knowing maybe this person just wants to turn Jann's world of "everything in its place" into a clusterfuck. And for that, we applaud. (It's probably time we mention that when asked about all of this, Rolling Stone's spokesperson issued a standard, "No comment.")

One last bit: In the enusing melee of all this, there is one person with a smile on her face. That's former RS fashion director Patti O'Brien, who got booted when (get this) Jodi wanted her office. Last we heard, O'Brien relocated with the same masthead position to, of all things, Men's Journal – a Wenner title – replacing Vicky McGarry.

BONUS: After the jump, some fun facts we've gleaned about both Peckman and Holt.

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