The Morning Lowdown 02.25.2011

»  Glam Media is listening to the sales pitches of about 14 Wall Street banks in preparation for an IPO, according to unidentified sources. Among the candidates: Bank of America, JP Morgan, Citi, Goldman Sachs, Morgan Stanley, and others are vying for the coveted “book-running” lead position. [Business Insider]

»  Among the reasons for the TBD’s downfall: Allbritton lacked the patience to let the less-than-year-old site experiment and fail. Other issues in the company forced a conclusion that it could not afford to back a venture that could not achieve scale in a short amount of time, sources told paidContent. But there’s a wider general warning for all hyperlocal ventures, says Alan D. Mutter, who notes that this format “is more hype than hope for the news business.” Not so, says John Paton, the CEO of Journal Register (OTCBB: JRCO). [Reflections of A Newsosaur; Digital First]

»  WebMediaBrands (NSDQ: WEBM), parent of Mediabistrohas acquired the assets of the Twittercism from Shea Bennett. Terms weren’t disclosed. [Release]