Mixed Media: Oh, how the mighty have fallen

A media industry observer who fell asleep seven years ago and woke up last week would've had a hard time believing Friday's newspapers.

That was the day that celebrity editor Bonnie Fuller publicly gave up her plans to start her own women's media company, while Quadrangle Group washed its hands of Alpha Media, publisher of Maxim. Fuller, who left tabloid publisher American Media a year ago to launch her venture, is instead going to work for Mail.com Media Corporation, the web company that recently acquired Hollywood blogger Nikki Finke. Control of Alpha Media, meanwhile, transferred from Quadrangle, which had defaulted on its debt obligations, to Cerberus.