Reuters reports that Japan's SoftBank Corp. eliminated a big problem in its effort to purchase U.S. wireless provider Sprint Nextel Corp., as rival bidder Dish Network Corp. refused to produce a new bid after SoftBank improved its own offer last week. SoftBank's CEO Masayoshi Son is now one step nearer to wrapping up the biggest overseas purchase by a Japanese company in history, after receiving support from a key shareholder by increasing SoftBank's offer to $21.6 billion from $20.1 billion last week. . Read More

Reuters reports that Sprint Nextel Corp. has said that it has sued Dish Network Corp to block its tender offer for Clearwire Corp., on the eve of a crucial deadline in a takeover battle that also involves SoftBank Corp., Japanese-based mobile carrier. The lawsuit filed in Delaware Chancery Court accuses Dish of attempting to fool and coerce Clearwire shareholders into tendering their shares, and rejecting Sprint's competing bid to purchase the 49.8 percent that didn't already possess of the wireless broadband provider. Read More

AllThingsD reports that Yahoo is offering to pay between $30 million to $40 million for Xobni, the maker of address book apps and plugins, according to numerous sources close to the company. This is less than the funding raised by the startup from various venture capitalists. Sources within Yahoo have said that holders of Xobni's common stock may not receive any of their investment back as per the current acquisition offer. . Read More

TechCrunch reports that Yahoo has announced that it has purchased GhostBird Software, the makers of advanced iOS photography apps, such as KitCam and PhotoForge2. The terms of the transaction were not disclosed. Prior to this acquisition, GhostBird had released three iOS photo apps: KitCam, PhotoForge, and PhotoForge 2. . Read More

The Wall Street Journal reports that Gannett Co. has agreed to purchase television company Belo Corp. for roughly $1.5 billion in a cash deal. The acquisition will almost that double the foot print of Gannett's current broadcast profile and add to the media company's efforts to grow its revenue channels and geographic presence. Gannett will pay Belo's shareholders $13.75 per share, which represents a 28% premium over Wednesday's closing price, and will assume financial debt, making the deal worth $2.2 billion. . Read More

Bloomberg reports that SoftBank Corp. has raised its offer for Sprint Nextel Corp. to $21.6 billion putting the ball back in Dish's court to make the next bid. The article reads: "After SoftBank Corp. raised its offer for Sprint Nextel Corp. to $21.6 billion last night, the spotlight returns to Ergen, the Dish Network Corp. (DISH) chairman who made an unsuccessful $25.5 billion counterbid in April." . Read More

Reuters reports that Facebook Inc. CEO Mark Zuckerberg dealt with an onslaught of questions regarding the company's falling stock price during the company's first shareholders' meeting since its IPO last May. The company's stock has seen more than a 37 percent drop since its debut at $38. Responding to questions, Zuckerberg said he thought Facebook was on the right track to long-term success, despite its results on Wall Street. . Read More