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What’s Next: Facebook (Relatively) Unscathed — "Facebook may have lost the public trust, but people haven't deleted their Facebook pages, advertisers haven't walked and regulators haven't done anything," my colleague Stephanie Ruhle says. "So we'll see if it's going to be more than a news story.”

The Big Picture: Facebook is too big to fail, for now:

• Facebook's global user base of 2.27 billion continues to grow — albeit at a slower pace than before — despite data privacy scandals, foreign meddling, fake news and European regulation.

• Facebook's advertisers continue to spend despite their public demands for greater transparency. "No one has yet heard of a client pausing or even easing off the gas," an agency executive tells AdAge.

• Facebook's would-be regulators feel emboldened, but even basic regulations will require a Herculean effort. "Full-on European style GDPR is unrealistic," a Senate source involved in the fight tells me.

Meanwhile: Facebook’s growth-first strategy will continue unabated, but it will increasingly focus on assets that do not bear the taint of the Facebook brand — most crucially, Instagram, which boasts more than one billion users.

• NYT's Mike Isaac talks to Axios' Dan Primack: "You notice you never see any talk about Instagram in any of these stories, and [Facebook very rarely] brings up Instagram proactively, because it's their sterling brand ... I really do think Instagram is the future of Facebook.”

Bonus: "Instagram to crack down on fake likes," via NBC's Alyssa Newcomb: "Instagram will start removing 'inauthentic' likes, followers and comments from accounts that use third-party apps as a way to inflate their popularity."

Future of Digital: Jonah Peretti Floats an Exit Strategy — The BuzzFeed CEO tells NYT's Ed Lee that his company could merge with five or six other online publishers and create a digital media powerhouse:

• "'You have Vice and Vox Media and Group Nine and Refinery,' Mr. Peretti said in an interview. 'There’s tons of them that are doing interesting work.'"

• "He extolled the logic of combining forces: A larger entity could lobby for a higher percentage of the ad dollars Facebook and Google share with publishers whenever their content, videos in particular, run on the platforms."

• "In turn, publishers can supply them with content that’s safe for users and friendlier for advertisers."

Are others interested? The most telling thing about Ed's article is that so many digital media CEOs went on the record and said they were open to it, including Group Nine's Benjamin Lerer, Vox Media's Jim Bankoff and Refinery29's Philippe von Borries. Vice's Nancy Dubuc did not.

How to Read It, via Recode's Peter Kafka:

• "Roll-up talk is another way of saying that the would-be buyers for big digital media guys — the tv guys — aren’t buying."

• "TV guys don’t need to buy hard-to-monetize digital inventory. Digital guys are trying to themselves into TV-makers. But TV guys are already TV-makers. So..."

Market Links

Bob Iger gets Fox approval in China (Variety)

Nancy Pelosi ponders her future (NYT)

Gwyneth Paltrow’s Goop goes to Netflix (WWD)

Big in the Beltway: CNN Beats Trump, Sort Of — "The White House reversed course on Monday in its bid to boot CNN reporter Jim Acosta from the West Wing," NBC News' David K. Li reports:

• "We have made a final determination in this process: your hard pass is restored," a letter co-signed by White House press secretary Sarah Sanders and deputy chief of staff Bill Shine read.

But ... the White House also issued new guidelines aimed at maintaining control of press conference questions:

• Only one question per reporter.

• Any follow-ups are purely at the discretion of the president or any other White House official answering questions.

• "Yielding the floor includes, when applicable, physically surrendering the microphone."

• Any violations of these rules "may result in suspension or revocation" of a White House press pass.

The Big Picture: We're a long ways away from the days of the daily press briefing. So while Acosta's return to the White House is a win for journalism and a free press, it is also a sign of how far the goal posts have shifted in favor of the administration.

Bonus — Sign of our (Humorless) Times, via Politico: "The White House Correspondents’ Association has announced that presidential biographer Ron Chernow will be the featured speaker at the group's annual dinner in April, opting against the usual choice of a comedian as tensions between the Trump administration and press remain high."