Well, it depends on whom you ask…

The coolest thing about Sylvester Stallone's magazine Sly is that it gives the aging hyphenate something to do besides cashing in year after year on his depreciating Rocky myth. It is not like the guy is dumb or untalented—in fact, he is kind of famously articulate and ambitious--but embarrassments like The Contender and Rocky 6 (no, not a joke) indicate that maybe a men's lifestyle magazine is just what Stallone needed to ease him into something less, well, sad.

Too bad Sly folded. Or did it? Women's Wear Daily's Jeff Bercovici indicated yesterday that publisher American Media Inc. is going to defer to Stallone for the last word, but adds that "AMI has clearly opted not to waste resources on a project with no future." Meanwhile, Stallone himself crashed into Page Six this morning to say the rumors of his magazine's death are greatly bullshit:

"A couple of people were let go on the ad side," Stallone explained. "And they are blabbing to people. It is just sour grapes from people who were fired. Our last issue with Pamela Anderson on the cover did great and sold 125,000 copies — meeting our rate base — and remember, this was only in three markets. I am not another Rosie O'Donnell. I am serious about my magazine. We are already in talks with Gwen Stefani for our next cover. I saw her at my gym and she said she wanted to do it, and the issue is 60 percent done."

Or 40 percent unfinished, but who is counting? The point here is that you have a star who said outright in his magazine's first editorial: "Be the guy who tells the joke, not the recipient of the punch line." By that logic, no one could disupte that saving face takes on a heightened value warranting the same-breath invocation of Rosie O'Donnell (who has at least branched out to Broadway) and Gwen Stefani.

At any rate, it looks as though Stallone is heading back to Palookaville with or without his magazine: "Stallone will launch the Contender Boxing Promotion on ESPN Oct. 13 with a fight at the Staples Center between former contestants on The Contender," Page Six writes. I mean, Jesus, Sly—do a follow-up to CopLand or something, would you? We would even take Rhinestone 2 at this point. And Dolly Parton is in NYC this weekend! Screw publishing, Sly--make it happen!