Dulles, Va. - Still searching for ways to fend off a $41.2 billion hostile takeover by Microsoft, Yahoo has stepped up its talks about a possible merger or joint venture with AOL, The New York Times reported on Wednesday. [more..]

New York - Publisher and event producer Ziff Davis Media announced on Wednesday that it plans to file for Ch. 11 bankruptcy protection, and will set aside $24.5 million to fund operations during and after it emerges from the process, expected to conclude this summer. [more..]

Boca Raton, Fla. - Penthouse Media Group, the publisher of Penthouse magazine and provider of other "adult entertainment and lifestyle" content, announced on Wednesday that it has filed for its initial public offering of stock to raise an estimated $250 million. [more..]

Luxembourg - European music-focused social network MusicMakesFriends.com announced on Wednesday that it has signed licensing deals with major record labels Universal Music, Sony BMG and EMI, to make their entire catalogs available for streaming on its service. [more..]

Waltham, Mass. - EveryScape, a developer of virtual worlds based on real-life cities, announced on Wednesday that it has secured $7 million in its second round of venture capital financing, led by new investor Dace Ventures. [more..]

Los Angeles - Generate, an independent production and management studio "creating professional entertainment properties targeted at Millennials across all media platforms," announced on Wednesday that it has raised $6 million in its first round of financing, led by Velocity Interactive Group and MK Capital. [more..]

Mountain View, Calif. - Skyrider, a developer of monetization technology for peer-to-peer networks, has raised $5 million in new financing, from previous investors Sequoia Capital, Charles River Ventures and Velocity Interactive Group, VentureBeat reports. [more..]

San Francisco - Casual games developer Three Rings has raised $3.5 million in new funding, led by True Ventures, VentureBeat reported. [more..]

Los Angeles - Taltopia, an online social network that aims to connect aspiring talent with industry professionals, said on Wednesday that it has raised $800,000 in its first round of funding, led by angel investor Go4Funding. [more..]

Geoff Stevens, COO, Championship Gaming Series, claims that gaming is virtually recession proof business. After seeing what has happened to the music industry, perhaps the more relevant question is - is it piracy proof? [more..]

Oslo, Norway - Ezmo, a Norway-based developer of online music storage and sharing technology, has been shut down by owners Fast Search and Transfer (FAST), according to a post on the company's blog. [more..]

New York - Recording artist Jill Sobule ("I Kissed a Girl") has in a month raised nearly $68,000 online from her fans, after asking them to help finance the recording of her upcoming album, the Associated Press reports. [more..]

Seattle - Social music discovery service iLike said on Wednesday that more than 200,000 musicians, including half of the top 500 acts in music, are using its service to manage their profiles on social networks including Facebook, hi5 and Bebo. [more..]

San Francisco - Delivery Agent, a provider of shopping-enabled programming for 125 entertainment properties, said on Wednesday that it partnered with The Weinstein Company to auction off over 35 original garments designed by the final three contestants on Bravo's "Project Runway" fashion designer reality show. [more..]

London - How-to video site VideoJug on Wednesday announced a deal with MySpace to launch its own branded channels on MySpaceTV, initially offering a library of 100 short how-to and expert advice videos on topics including food, beauty, cars and sex. [more..]

New York - Marc Ecko Entertainment, the fashion designer's video game studio, on Wednesday announced a deal with CBS-owned Showtime Networks, to develop a game based on the cable network's "Dexter" series. [more..]

Tokyo - Japanese video game developer Sega announced on Wednesday that its "Mario & Sonic at the Olympic Games" title for Nintendo Wii and DS has sold five million copies worldwide in just over three months. [more..]

Los Angeles - uWink, the "interactive dining experience" company launched by Nolan Bushnell, founder of both Atari and Chuck E. Cheese's, said on Wednesday that its previously announced uWink location at the Hollywood & Highland Center in Los Angeles will open in early May. [more..]