The “Hulu for magazines” joint venture spearheaded by John Squires officially has a name: Next Issue Media. According to Folio, the partnership has some real heavyweights behind it: Time Inc., Meredith, Hearst, Condé Nast and News Corporation. All of which represent some serious old media muscle, but will they be able to compete in the digital marketplace?

In what could be the most futile endeavor of all time, Hallmark is trying to counteract the millions who turn to the web for salacious gossip by launching one of the most dull websites imaginable. Under the slogan “Cleaning Up the Red Carpet,” the new site is dedicated to serving “the masses who are tired of the mudslinging,” but it’s so bad that the whole thing smells like a gag.

Oh the irony. Reports surfaced yesterday that two stalwarts of show business Variety and The Hollywood Reporter are changing their business models in a fight for survival. This was exclusively reported by Nikki Finke, the premier showbiz blogger who many see as the prime reason for the trades’ decline in both relevance and viability.

There is a silver-lining to the ominous deathcloud hanging over the magazine industry — if you look hard enough. The publishing advocacy group Magazine Publishers of America has disseminated a four-page document titled “The Full Story on Magazine Circulation Vitality” aimed at spinning the circ numbers released by the ABC’s at the end of August (single-copy sales are down 12 percent from last year). Don’t worry, everything’s fine!