Redwood City, Calif. - The board of game developer Take-Two Interactive on Wednesday rejected a $2 billion unsolicited takeover bid from Electronic Arts, calling the $26-a-share offer "inadequate in multiple respects" and "contrary to the best interests" of its stockholders." [more..]

Schaumberg, Ill. - Motorola announced plans on Wednesday to split into two publicly-traded companies next year, one for its mobile device business and another for its broadband and mobility solutions. [more..]

Reston, Va. - Needing at least $3 billion to roll out its nationwide high speed WiMax network, Sprint Nextel and partner Clearwire are now in talks with cable giant Comcast and Time Warner Cable, The Wall Street Journal reported on Wednesday. [more..]

San Francisco - Technology publisher CNET Networks said on Wednesday that it will lay off 120 employees, or about 4-5% of its staff, as part of a plan to "put greater emphasis on its strategic priorities, which include focusing on its leading brands, driving greater efficiencies throughout the business, and reducing costs," the company said in a regulatory filing. [more..]

New York - South Park Digital Studios, a joint venture between "South Park" creators Trey Parker and Matt Stone, and Viacom's Comedy Central, on Wednesday launched a new website where users can watch every episode of the 12-season series for free. [more..]

Mountain View, Calif. - Bubble Motion, the developer of a platform for voice messaging and advanced voice content applications, said on Wednesday that it has raised $14 million in a new round of funding.
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New York - The Wikimedia Foundation, the non-profit that operates the online encyclopedia, Wikipedia, announced that it has received a $3 million donation from the Alfred P. Sloan Foundation to continue its efforts. [more..]

New York - Fantasy Sports Ventures (FSV), the parent company of the FantasyPlayers.com Network, announced that has acquired HoopsHype.com, an independent basketball content site. [more..]

Paul Sweeting blogs about what will be the evolutionary path of the digital living room - will devices drive functionality, or will it happen the other way around, where functionality dictates the design of devices? [more..]

Los Gatos, Calif. - Online DVD rental service Netflix plans to issue credits to subscribers whose shipments were delayed because of a website outage on Monday, the Associated Press reported. [more..]

Leesburg, Va. - Loladex, a local search start-up founded by two former executives from AOL, said on Wednesday that it has launched its first product on social networking site Facebook. [more..]

Mountain View, Calif. - FriendFeed, a service that lets users keep up with what Web pages, photos, videos and music their friends and family are sharing, has announced the release of a developer platform. [more..]

Washington - Footnote, a Utah-based website that features searchable original documents, said that it has launched an online interactive photo of the Vietnam War Memorial, in conjunction with the National Archives and Records Administration. [more..]

Los Angeles - Vivendi Games Mobile said on Wednesday that its "Surviving High School" episodic mobile game saw 7.5 million episode downloads in 2007, which the company says makes it the most successful original IP in mobile gaming history. [more..]