Redmond, Wash. - Microsoft announced on Wednesday that it will pay $240 million for a 1.6% stake in Facebook, which puts a $15 billion valuation on the less than four-year-old online social network. [more..]

New York - AT&T, which has been pondering an acquisition in the satellite TV sector, is now closing in on a deal, The Wall Street Journal reported on Wednesday, citing "people familiar with the matter." [more..]

Los Angeles - U.S. sales of Blu-ray Disc titles so far this year have been nearly double those on the rival HD DVD format, Reuters reported, citing sales data from Home Media Research. [more..]

Los Angeles - A federal judge has granted class action status in a lawsuit alleging that Clear Channel Communications, the nation's largest radio broadcaster, used its market dominance to illegally inflate concert ticket prices. [more..]

Middlesbrough, England – OiNK, reportedly the world’s largest source of pre-release pirated music, was shut down yesterday by British and Dutch police. [more..]

New York & Mountain View, CA - The audience measurement company Nielsen and search giant Google announced a multi-year deal on Wednesday in which Nielsen will provide demographic data to Google's system for selling television advertising. [more..]

Washington - The National Geographic Society, one of the world's largest nonprofit scientific and educational organizations, said that it has launched a new Global Media group composed of its magazine, book publishing, television, film, music, radio, digital media and maps units. [more..]

Montreal - Researchers at McGill University in Montreal have announced the development of a video game they say can reduce production of the stress-related hormone cortisol by 17%. [more..]

Schaumburg, Ill. - Motorola Ventures announced on Wednesday that it has made an equity investment in Siimpel Corporation, a developer and manufacturer of chips used in mobile imaging applications. [more..]

Ottawa, Canada - Axentra, the developer of a home entertainment network server software platform, announced on Wednesday that it has raised $6 million in its first round of financing, led by T-Online Venture Fund. [more..]

Santa Monica, Calif. - JibJab, the digital entertainment studio behind such viral comedy videos as "This Land Is Your Land," has raised $3 million in its second round of venture capital financing, from Polaris Venture Partners, PEHub.com reported. [more..]

Berkeley, Calif. - TasteBook, an online service that lets users create personal books comprised of content found online, on Wednesday launched its service and announced an investment from CondeNet, the digital arm of publisher Conde Nast. [more..]

Miami - Buongiorno, an Italy-based mobile entertainment and marketing services firm, announced on Wednesday that it has acquired By-Cycle, a provider of mobile marketing and content services in South America, for $5.5 million. [more..]

New York - Linkstorm, a developer of online advertising technology, announced on Wednesday that it has raised $4.2 million in its third round of venture capital financing, from individual angel investors. [more..]

Palo Alto, Calif. - Trusted Opinion, a social network where users recommend media and offer product reviews to their friends, has raised $1.3 million in first round funding from undisclosed investors, TechCrunch reported. [more..]

San Francisco - End2End, a provider of mobile content distribution services, announced on Wednesday that it has acquired Terraplay, a provider of mobile gaming community services. [more..]

New York - DailyMe, a personalized news and information service delivered across multiple media platforms, announced on Wednesday that it has received an investment from private equity firm Palladium Equity Partners. [more..]

San Francisco - Go2, a provider of mobile search and directory services, announced on Wednesday that it has agreed to merge with 80108 Media, a provider of original local mobile content. [more..]

n/a

As social networks like Facebook grow, they will eventually encounter the inverse of Metcalfe’s law, becoming LESS valuable with each new user rather than more valuable, blogs Scott Karp.
[more..]

Stephen Colbert, of the Comedy Central show The Colbert Report, announced recently that he would run for president. Cast off at first as a joke, Colbert was intent on declaring the seriousness of his campaign, even announcing a sponsor, Doritos. But according to ABC News, “the joke could be on Colbert if federal election officials decide his candidacy is for real.” [more..]

Practicing to be the best is different from practiced to succeed.  Success means you are ahead of the game ... being the best means that you define the game, blogs Rohit Bhargava.
[more..]

London - Following a leak of the details by retailer Amazon.com, Microsoft has confirmed plans to release its second-generation Zune digital media players in the U.S. on Nov. 13, The Register reported. [more..]

Oslo, Norway - Ezmo on Wednesday announced the launch of its online social music network in the U.S. market.
[more..]

San Francisco - Groove Mobile, a provider of mobile music subscription services to wireless carriers, announced on Wednesday that it has partnered with digital music distributor The Orchard, to create a full-track, off-portal music download service. [more..]

Berlin - Agence France-Presse, the France-based newsgathering agency, said on Wednesday that it will use Medialink's Teletrax service to monitor broadcast usage of AFP video news content by its network and station clients. [more..]

Winston-Salem, N.C. - GET Interactive, the developer of an ad platform that lets consumers buy products placed in entertainment content, on Wednesday announced deals with Universal Music Group and Sega of America. [more..]