New York - Rupert Murdoch's News Corporation said on Wednesday that it would buy Dow Jones & Co Inc. for $5.6 billion, adding the Wall Street Journal (WSJ) to its worldwide media empire. [more..]

London - Major record label EMI Group announced that its shareholders have approved a $4.8 billion buyout offer from private equity group Terra Firma. [more..]

Washington - A trade group made up of Internet and technology firms including Microsoft, Google and Yahoo has filed a complaint with the Federal Trade Commission (FTC) against a number of sports leagues, broadcasters and publishers, arguing the copyright holders have long misrepresented their rights through deceptive and threatening statements to consumers. [more..]

Burbank, Calif. - The Walt Disney Company announced on Wednesday that it has acquired Club Penguin, an online virtual world for kids that claims 700,000 paid subscribers. [more..]

Dulles, Va. - One year after shifting its business to an advertising-based model, AOL continues to lose subscribers, but gain ad revenue. [more..]

Seattle - RealNetworks announced on Wednesday that it has won a patent infringement lawsuit brought against the company by San Francisco-based Friskit, over technology that lets users easily search for and listen to streaming media. [more..]

Silver Spring, Md. - Discovery Communications, the media company behind such cable TV channels as The Discovery Channel, TLC and Animal Planet, said that it has acquired New York-based eco-lifestyle web site TreeHugger.com. [more..]

Paris - French video game publisher Infogrames, the parent company of Atari, announced that the Bluebay Value Recovery Fund has purchased 22.5% of its stock, making it the largest shareholder in the struggling company. [more..]

Denver - Associated Content, an online media firm that mixes professional and user-generated content, has raised $10 million in its second round of venture capital financing, led by Canaan Partners. [more..]

New York - Adspace Networks, the operator of a shopping mall-based digital advertising network, has raised $20 million in its fifth round of financing, co-led by The Walnut Group and The Hauser, Davis & Tysoe Group, PEHub.com reported. [more..]

Scott Goldberg points out that it was a "casual game" that won the honor for "Best of Show" at this year's Game Critics Awards, another boost for the space. [more..]

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Rohit Bhargava blogs about a new idea for marketing magazines to people who care about reading an new issue before it reaches regular subscribers.
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Los Angeles - Sony plans to introduce a digital TV tuner with digital video recorder capabilities to its PlayStation 3 console in early 2008, according to a comment made by Computer Entertainment New Zealand sales and marketing manager Warwick Light to the local website The Press. [more..]

London - Take-Two Interactive's Rockstar Games has appealed the British Board of Film Classification's outright ban of its upcoming "Manhunt 2" game in the U.K., MCV reported. [more..]

New York - MusicNet, the music distribution unit of MediaNet Digital, said on Wednesday that it has partnered with DMX, a provider of music for commercial businesses and cable TV networks, to create a digital music subscription service and download store that also lets users access music collections on both PCs and portable devices. [more..]

Basking Ridge, N.J. - Verizon Wireless said on Wednesday that it has entered into a deal with Aussie rock legends AC/DC, for the rights to offer the band's entire 18-album back catalog digitally. [more..]

London - Major record label EMI on Wednesday announced that it has licensed high-quality, DRM-free songs in MP3 format to MixAlbum.com, a site that offers an automated DJ mixing system that lets consumers create their own mixed playlists after making a selection of their preferred tracks. [more..]

London - 24-7 MusicShop, a European provider of online and mobile music services, announced on Wednesday that it will change its name to 24-7 Entertainment, and broaden scope to include mobile assets, audiobooks, feature films and TV series. [more..]

Amsterdam - Philips Consumer Electronics announced on Wednesday that director Wong Kar Wai ("In the Mood for Love," "My Blueberry Nights") has been commissioned to create a short film for its next-generation Ambilight television, which emits ambient light in varying colors to complement the action on-screen. [more..]