Morning Wire: Those Digg guys, Sumner Redstone's pay revision and more...

And now the morning's worthy media business news according to us: Viacom grand-daddy Sumner Redstone and his two top execs are tightening the belts on annual compensation...........Theirs. Beginning in 2007, Redstone's salary will be reduced to $1 million per year from $1.75 million and deferred compensation of $1.3 million per year will be eliminated. Redstone's target cash bonus under Viacom's short-term incentive plan will be reduced to $3.5 million per year from $6.1 million. He will also receive an annual award of stock options having a grant-date value of $3 million and an annual award of performance share units with a grant-date target value of $3 million. [AP] Those Digg.com guys have been balancing two companies at once and finally got some cash for the one we hardly know about, Revision3. Revision3 has close to $1 million in financing from a group of investors that includes Marc Andreessen, the founder of Netscape, and Greylock Partners, a venture capital firm that has backed the start-ups Facebook and LinkedIn, as well as Digg. [NYT] Jane magazine founder Jane Pratt has landed on the Sirius Satellite Radio Network. Will Jane Radio target Jane magazine subscribers? [NYP]