Cupertino, Calif. - Apple CEO Steve Jobs on Wednesday announced that the company will slash the price of its iPhone, released just over two months ago, from $599 to $399 for the 8GB version, adding that the company is on track to sell one million of the devices by the end of this month. [more..]

Englewood Cliffs, N.J. - Days after tense negotiations with Apple resulted in the pending removal of its TV shows from the iTunes Store, NBC Universal announced that it has struck a deal with Amazon.com to offer its TV programming through the Amazon Unbox video download service. [more..]

Washington - The Federal Election Commission (FEC) has reaffirmed that political blogs qualify as media entities, and are thus exempt from federal campaign finance rules, the Associated Press reported. [more..]

Sunnyvale, Calif. - Yahoo has announced that it will acquire BlueLithium, a San Jose, Calif.-based online advertising network, for about $300 million in cash. [more..]

Los Angeles - Major record label Universal Music Group has filed a copyright infringement lawsuit against video-sharing site Veoh Networks, Bloomberg reported. [more..]

New York - Technology-focused business magazine Business 2.0 will be shuttered after its October issue instead of sold by owners Time Inc., The New York Times reported on Wednesday. [more..]

Raleigh, N.C. - Lulu Enterprises, which operates Lulu -- an online marketplace where creators can publish, buy and sell digital content -- has filed a trademark suit against "Hulu," the forthcoming Web video distribution joint venture between News Corp. and NBC Universal. [more..]

Redmond, Wash. - Microsoft on Wednesday announced that it will cut $50 off the price of its 30GB Zune digital media player, which will now sell for $199. [more..]

San Francisco - PlanetOut, a media company focused on the LGBT community that publishes The Advocate and OUT magazines, and operates Gay.com, has announced plans to effect a one-for-ten reverse stock split. [more..]

San Francisco - VideoEgg, a video advertising network for social networks and other online communities, announced on Wednesday that it has raised $15 million in a new round of financing, led by Focus Ventures. [more..]

Bedford, Mass. - Groove Mobile, a provider of mobile music services, announced on Wednesday that it has raised an additional $6 million in funding from ORIX Venture Finance. [more..]

With increasing competition from mobile phone companies and consumer electronics manufacturers, as well as online music services, Steve Jobs steps up to the plate and delivers, again, writes Jay Baage.
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John McCain is known as a straight shooter, and he holds little back in answering a teen's age question when he ends it, jokingly, with, "You little jerk." [more..]

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What's a Hipster? If you don't know check out the Hipster Olympics, the text book example of the Hipster Lifestyle. [more..]

Redmond, Wash. - Microsoft on Wednesday officially launched Silverlight, its answer to Flash video, and said World Wrestling Entertainment, HSN and "Entertainment Tonight" will be among the first to implement the cross-platform Web browser plug-in. [more..]

Palo Alto, Calif. - The Facebook online social network on Wednesday announced that it will make limited public search listings of its member profiles available to people who are not logged in to Facebook, and eventually allow them to be found by search engines like Google, MSN Live and Yahoo. [more..]

Los Angeles - HBO has acquired a documentary film created entirely within the "Second Life" 3D virtual world, according to The Hollywood Reporter. [more..]

Helsinki, Finland - Cell phone maker Nokia plans to integrate social networking technology acquired through its purchase of U.S.-based Twango into its S60 phone software, Reuters reported. [more..]

Fairfax, Va. - TrafficLand, an online aggregator of live traffic video, on Wednesday announced a deal to deliver real-time traffic camera content from dozens of markets for broadcast use on cable news giant CNN. [more..]

Raleigh, N.C. - The Real Cities Network, a national network of local news websites operated by McClatchy Interactive, announced that it has added 51 websites of MediaNews Group to its network, adding to the 31 MediaNews sites that are already part of it. [more..]

New York - Viacom's mtvU college network and partner Cisco on Wednesday launched five online applications developed by college students as part of their Digital Incubator program, which provides up to $250,000 in grants each year to students' interactive projects. [more..]

Corvallis, Ore. - MyStrands, a developer of social recommendation technologies, on Wednesday introduced MyStrands.TV, a service that lets users create personalized music video streams from videos hosted on YouTube. [more..]

Boston - OurStage, an online competition for emerging music and film talent, on Wednesday emerged from beta and launched Artist Access, a mentoring program that will provide users with advice from established artists including John Legend, John Cameron Mitchell and David Burke. [more..]

Los Angeles - Online record label BETA Records on Wednesday announced the launch of a London office and the establishment of BETA Records UK. The company lets unsigned artists create a Web presence and host songs, photos and other content. [more..]

Miami - Hoodiny Entertainment Group said on Wednesday that it has rebranded its elHood.com Hispanic music service as Cyloop.com. [more..]