San Francisco - Kicking off its annual developers' conference in San Francisco, Apple on Monday introduced a new model of its popular iPhone, while dropping the price of its current model to as low as $99. [more..]

Seoul, South Korea - Two American journalists from Web and TV network Current TV have been found guilty by North Korea's highest court of "committing hostilities against the Korean nation and illegal entry," and sentenced by to 12 years of hard labor, The New York Times reports. [more..]

Stockholm, Sweden - The Pirate Party, a political party founded in Sweden in 2006 to protest copyright laws, took 7.1% of the vote in the country's elections over the weekend, and won one of the country's 18 seats at European Parliament in Brussels, TorrentFreak reported. [more..]

San Francisco - Twitter has announced that this summer it plans to introduce "Verified Accounts" to authenticate that a particular account really belongs to a particular person, in the wake of a lawsuit filed against the company by St. Louis Cardinals manager Tony La Russa over a fake account in his name. [more..]

Chicago - A group of creditors of bankrupt video game publisher Midway Games has settled its lawsuit against Mark E. Thomas, the investor who purchased former Midway chairman Sumner Redstone's 87% stake in the company for $100,000, Bloomberg reports. [more..]

Shanghai, China - Chinese online game publisher and operator Shanda Interactive Entertainment announced on Monday that it has paid $46.2 million for a 51% stake in Hurray, an artist development, music production and wireless music and content distributor in China.
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Los Angeles - Epix, the movies-on-demand joint venture between Viacom, Paramount, MGM and Lionsgate, debuted on Monday in a private beta version online, but has yet to announce any carriage deals with satellite or cable TV providers. [more..]

Palo Alto, Calif. - Picaboo, the provider of custom online photo book and card printing service for consumers, has raised $1 million in new funding, VentureWire reported. [more..]

New York - Cable TV provider Cablevision has signed the first agreement to offer in-market live streaming of Major League Baseball games, The New York Times reported. [more..]

Los Angeles - ESPN The Magazine is no longer offering its content online for free, instead opting to make the magazine's content available online as part of another service, ESPN Insider, which costs $39.95 per year. [more..]

Los Angeles - Concert promoter Live Nation announced on Monday that it will extend its "No Service Fee Wednesday" ticket promotion to all shows and all tickets on June 10, expanding beyond the select concerts and lawn-seats-only offer from last week. [more..]

Paris - International music industry conference MIDEM announced on Monday that it is combining its MidemNet digital music event into its main conference, beginning in 2010. [more..]

Seattle - MOD Systems, a provider of digital media delivery systems for retailers, said on Monday that it has signed new agreements with the major record labels and a number of independent aggregators to offer over 5.2 million DRM-free tracks to retail stores. [more..]