Newsweek's Richard M. Smith to step down

Richard M. Smith, editor in chief and chief executive of Newsweek, will step down next year after 37 years at the magazine, according to the New York Times, also reporting that Smith said he wants to spend more time working with nonprofits.

Richard M. Smith, editor in chief and chief executive of Newsweek, will step down next year after 37 years at the magazine, according to the New York Times, also reporting that Smith said he wants to spend more time working with nonprofits. Smith's resignation, announced yesterday, will lead to internal shifts in leadership roles and rankings.

Also:

MySpace is partnering with Silicon Valley start-up Zazzle.com to create virtual stores where musicians can now sell real, customizable merchandise, reports the Wall Street Journal.

Slate plans to start a new site next year, devoted to business news and opinion, reports the New York Observer.

Silicon Alley Insider offers a taste of the $29,000-a-month New York Facebook office, still in development.

Following recent rape accusations, David Copperfield has hired Mike Sitrick, former Paris Hilton rep.

Reuters reports that Google is in talks with Verizon about putting Google's applications on its phones.

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