The stated budget for the series of twelve episodes is $3 million, and the magazine, along with production partner IMG, will guarantee 83.4 million video views on social network Bebo alone — which works out to $35 per thousand, plus whatever Vogue takes off the top. The show will also be distributed on Hulu and Veoh, and on Vogue's online video outlet Vogue.tv, so any views over and above the Bebo number brings the CPM, or cost per thousand views, down for Express.

As one fashionista friend remarked, you wouldn't think Vogue would even let Express advertise in the magazine. Trendy knockoff retailer H&M would seem the better fit. But then I'll be getting enough product placement from the new season of Project Runway.

Now, however, with Chris Albrecht well into his tenure as IMG boss — and with a $250 million mandate to develop content with talent including Tiger Woods and Gisele Bundchen— the pressure is on for Forstmann to do something a little more constructive than star-fuck his way around the roster.

Conveniently, Semel seems to need a project, and IMG is as good as any. Forstmann reportedly wants $3 billion, though — an "aggressive price" by most accounts; he picked IMG up for $750 million in 2004 and may fetch a little more than twice that if Semel can sort out a deal with Dubai International Capital, a government-owned holding company that also, last November, bought 3 percent of Sony for $1.5 billion. We're all for the deal, frankly — anything that gets Semel back on the scene (though his support for Israel might be a problem in a country to which Israelis can't even travel), particularly if it results in IMG client Elizabeth Hasselbeck trenchantly interviewing Gisele atop a man-made ski slope in some desert shopping megalith. Good luck, Terry!

[Photo Credit: Getty Images]

• Dubai International Capital and ex-Yahoo chief let fly at IMG [Times Online via PaidContent]