The show's creator is Amy Ephron, novelist/screenwriter/sister of Nora, and is being produced by Reveille and Brillstein Entertainment Partners, in conjunction with Twitter co-founders Evan Willams and Biz Stone, of course.

The producers call their proposed series the first to bring the immediacy of Twitter to the TV screen.

''Twitter is transforming the way people communicate, especially celebrities and their fans,'' said Reveille managing director Howard T. Owens, who expects the new project to ''unlock Twitter's potential on TV.''

No further details were made available on the show's format or when it might hit the air.

Based on the vague details about the show to emerge so far, this already stale slice of American television crapcake sort of sounds like it's intended to be an Amazing Race meets Celebrity Apprentice meets, dare we say it, Gawker Stalker, style reality show. Let's just imagine for a moment MC Hammer tweeting about sitting in a booth at a Denny's in Knoxville, Tennessee with Ashton Kutcher, which would then spur Twitter users/show competitors to race to get there before both of them can polish off their Grand Slam Breakfast plates and win a $1000. Wow, that's television gold baby!

We'd like to offer congrats to Williams and Stone, who, in a desperately misguided effort to monetize their product, just managed to brutally slay their darling in spectacular fashion. The end is nigh fellas. You guys should put in a call to Henry Winkler's people so you can place him on a surf board off the coast of South Africa in the pilot episode, just to get it over and done with.

Web Service Twitter Proposes TV Competition Series [New York Times]

Several people correctly pointed out that one of Ephron's sons, Jacob Bernstein (from a previous marriage to Watergate reporter Carl Bernstein), is known for having supposedly leaked the identity of Watergate source "Deep Throat" while a nine-year-old at summer camp. Ergo, he's got a leaky history. Plus, he's also said to be great friends with Page Six's Paula Froelich. Other contestants preferred Georgette Mosbacher, redheaded Republican CEO of beauty corp Borghese, as the likely leak — she's besties with Page Six editor Richard Johnson. Barbara Walters explicitly denied being the leaker yesterday on The View, which could just be her way of throwing us off the trail. And just for kicks, one commenter pointed the finger at art dealers Serge and Tatiana Sorokko, presumably because they'd be aghast at Wynn's brutal treatment of his Picasso. Four suspects seems plenty, don't you think? So pick your perp.

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Earlier: Who Leaked Steve Wynn's Picasso Attack?

I was holding my digital camera in my hand - I'd just taken several pictures of the Picasso - and I wanted to take a picture of the Picasso with the hole in it so badly that my camera was literally quivering. But I didn't see how I could take a picture - it seemed to me I'd witnessed a tragedy, and what's more, that my flash would go off if I did and give me away.

Full details of Wynn's untimely canvas-piercing fervor after the jump.

[Wynn] was standing in front of the painting at this point, facing us. He raised his hand to show us something about the painting — and at that moment, his elbow crashed backwards right through the canvas.

There was a terrible noise.

Wynn stepped away from the painting, and there, smack in the middle of Marie-Therese Walter's plump and allegedly-erotic forearm, was a black hole the size of a silver dollar - or, to be more exactly, the size of the tip of Steve Wynn's elbow — with two three-inch long rips coming off it in either direction. Steve Wynn has retinitis pigmentosa, an eye disease that damages peripheral vision, but he could see quite clearly what had happened.

"Oh shit," he said. "Look what I've done."

Now, now, Steve, dry your eyes — we're sure this isn't the first time a man's curious elbows have claimed the virginity of a painting valued at nine figures. Why, just the other day, a friend's nephew poked his spoonful of mushed carrots through his recent drawing called "Happy Mommy Pet Giraffe." He was devastated. But at least yours won't end up in the trash, if Ephron's happy ending is to be believed.

I called Elaine Wynn and told her the New Yorker was going to write a story and that Steve should call the reporter back and tell him about it, since no question the story was out there.

Elaine told me that she was glad I'd called because she had awakened that morning with the realization that Steve's putting his elbow through the painting had been a sign that they were meant to keep the painting. So they were going to.

See? It was destiny. It had nothing to do with somebody no longer wanting to drop $139 mil on a Picasso with a large black hole where its virtue had been. And it's great news for Ikea, whose wide range of delightful mass-produced posters are going to be the only ones Elaine Wynn allows her husband to hang in his office ever again.

• MY WEEKEND IN VEGAS [HUFFINGTONPOST.COM]
• U.S. CASINO MAGNATE GIVES PICASSO'S DREAM THE ELBOW [REUTERS, VIA YAHOO! NEWS]