Palo Alto, Calif. - Facebook, the online social network with more than 200 million members, earlier this month turned down funding that would have valued the company at $8 billion, the blog TechCrunch reported on Tuesday, citing a source "with direct knowledge of the proposed transaction." [more..]

Palo Alto, Calif. - Project Playlist, a social music site that lets users create and share song playlists, announced on Tuesday that it has acquired the assets and employees of TotalMusic, a digital catalog management and reporting system. [more..]

San Francisco - The lawyer for alleged music file-swapper Jammie Thomas has petitioned to withdraw himself from her pending retrial, citing nearly $130,000 in unpaid legal bills, Wired.com reported. [more..]

San Francisco - Remix artist and producer Danger Mouse plans to release a blank CD-R in lieu of an actual CD for his new collaborative album and photobook with director David Lynch and indie band Sparklehorse, suggesting that would-be buyers of the record, whose release has been blocked by EMI, download the album instead. [more..]

West Palm Beach, Fla. - MyMojo, a distributor of free, ad-supported mobile and online media, announced on Tuesday that it has acquired the domain of now-defunct ad-supported music service SpiralFrog.com for an undisclosed sum. [more..]

Santa Clara, Calif. - Chipmaker Intel's investment arm announced on Tuesday that it will invest in two digital content companies based in Jordan, Jeeran and ShooFeeTV. [more..]

Beijing - One Net Entertainment, a developer of online and mobile games, announced on Tuesday that it has received a $20 million investment through its parent company, Leo Technology Limited, from investors including IDGVC Partners and Infiniti Capital Limited. [more..]

New York - Mogulus, the provider of a live video webcasting service, announced on Tuesday that it has changed its name to Livestream, having paid $100,000 for the domain name Livestream.com, according to DomainNews.com. [more..]

San Francisco - VoxPop.TV, a developer of pop-culture games, said that it has raised $1.5 million in its second round of funding, led by Hearst Interactive Media. [more..]

New York - StockTwits, a service that aggregates conversations about stock trading taking place on the Twitter microblogging service, has raised $800,000 in new funding from True Ventures, All Things D reports. [more..]

London - OOiZiT.com, a U.K.-based, music-focused online social network, announced that it has landed a "six figure" investment from Zooki Digital. [more..]

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Sunnyvale, Calif. - Smartphone and PDA maker Palm announced on Tuesday that its Palm Pre smartphone will go on sale in the U.S. on June 6 with a price tag of $199, after a $100 rebate and two-year contract with Sprint. [more..]

San Francisco - Personalized radio and music discovery service Pandora expects to be profitable next year, after earning as much as $40 million in revenue this year, founder Tim Westergren told Bloomberg. [more..]

Santa Clara, Calif. - Digital entertainment technology firm Macrovision Solutions said on Tuesday that it plans to change its name to Rovi following its annual stockholders meeting July 15. [more..]

Somerville, Mass. - The Echo Nest, a 'music intelligence platform' developed by MIT PhDs that aims to enhance music search and recommendations, said on Tuesday that it has partnered with U.K.-based streaming music service Spotfiy. [more..]

Burbank, Calif. - "Terminator Salvation" producers the Halcyon Company and Warner Premiere on Tuesday announced the release of "Terminator Salvation: The Machinima Series," a six-part series that uses computer animation generated by the game based on the movie to tell an original story based on the franchise. [more..]