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Microsoft and Yahoo senior executives met on Monday this week and discussed about Microsoft's takeover for the internet giant according to published reports.

Yahoo Inc extended a deadline to nominate board directors, buying the company time to pursue alternatives to Microsoft Corp's $41.7 billion offer, while also giving Yahoo room to negotiate a friendly deal with Microsoft.

MySpace and TMZ are set to launch a branded channel Wednesday on the social networking site's TV page. TMZ will contribute two or three clips per week to MySpace TV (http://vids.myspace.com/). These videos, which will have already screened on the celebrity news site's syndicated TV program. will be found online exclusively on MySpace for 24 hours after the airing.

Yahoo rejected the unsolicited $44.6 billion takeover offer from Microsoft on Monday, saying the bid undervalued the company, putting pressure on the world's largest software company to sweeten the bid.

Yahoo Inc on Monday rejected as too low Microsoft Corp's unsolicited $41.4 billion takeover offer, a move viewed by Wall Street as the first salvo in an effort to get the software maker to raise its bid.

Time Warner CEO told investors on a conference call on Wednesday that the company will split off AOL Internet-access service and eliminate 100 jobs.

U.S. stocks retreated after the markets single-plunge in nearly a year on Wednesday after Philadelphia Federal Reserve President Charles Plosser said he was against overly aggressive rate cuts.

Time Warner Inc., the world's largest media conglomerate, reported Wednesday fourth-quarter and full-year results which were roughly in line with Wall Street's expectations, as strong gains in cable television and from the sale of AOL's online access business in Europe.

Walt Disney reported greater than expected sales and earnings for its latest quarter on Tuesday mainly to its ESPN cable network and its theme park business as it sought to reassure investors the weakening economy was not affecting the media conglomerate.

Time Warner Inc's AOL said on Tuesday it has purchased buy.at, an online affiliate marketing network, as part of a strategy to bolster its Internet advertising operations.

India's New Delhi Television Ltd said on Tuesday it had entered a deal to sell 26 percent in a unit to NBC Universal Inc for $150 million, the latest in a series of consolidation moves in Indian broadcasting.

Time Warner Inc.'s HBO will make its content available on the internet where subscribers can download movies and television shows for free, according to news reports.

Time Warner Inc pay TV channel HBO will launch a service on Tuesday to let subscribers download movies and television shows over the Web, joining a crowded market for video on the Internet.

Shares of media and entertainment companies were slighter higher on Friday after the Hollywood directors' union reached a contract deal with the Alliance of Motion Picture and Television Producers (AMPTP).

A group promoting the new video media format, HD-DVD, cancelled a scheduled press-conference at this years Consumer Electronics Show in the wake of media giant Time Warner moving to support its rival, Blu-Ray.

Nicolas Cage's adventure sequel National Treasure: Book of Secrets raced to $65 million during its first five days of release across North America, distributor Walt Disney Pictures said on Tuesday.

The heads of Hollywood's film and TV studios signed a statement of unity on Sunday, a day after striking screenwriters signaled they would try a divide and conquer strategy in an increasingly bitter strike that is paralyzing the industry.

Apple and AT&T was sued on Monday over patents that cover the voice mail feature on the iPhone.

Jerry Seinfeld's Bee Movie had plenty of sting left during its second weekend, replacing American Gangster as the No. 1 choice for North American moviegoers.

Warner Bros. home entertainment division said on Thursday it was buying UK-based games publisher TT Games, the business behind Traveler's Tales and the LEGO Star Wars series.

Time Warner Cable Inc, the second-largest U.S. cable television operator, said on Wednesday that third-quarter profit fell due to a large year-earlier gain.

Time Warner Inc said on Monday Chief Executive Richard Parsons will step down on January 1 and be replaced by Chief Operating Officer Jeffrey Bewkes, stoking expectations that big changes lie ahead for the world's largest media company.

Time Warner Inc's Internet unit AOL will eliminate 2,000 jobs as part of an ongoing restructuring to better focus on boosting online advertising, according to a memo obtained by Reuters on Monday.

Yahoo Inc has been given U.S. antitrust approval to buy BlueLithium, the Federal Trade Commission said on Wednesday.

A European Union court will decide next Monday on Microsoft's challenge to a 2004 landmark European Commission decision imposing fines and sanctions on the software giant over antitrust violations.

Shares in some of the biggest U.S. entertainment and media companies fell on Wednesday after Goldman Sachs downgraded its view on the sector to cautious from neutral due to concerns about the U.S. economic slowdown.

Rupert Murdoch's News Corp on Wednesday said fourth-quarter profit rose 4.5 percent on higher advertising sales and affiliate revenue from the Fox News Channel and on more new subscribers at the Sky Italia satellite TV service.

Walt Disney Co. reported a 4.7 percent increase in net profit on Wednesday, driven by strong television program sales and higher receipts at its theme parks.

Time Warner Inc. said on Wednesday that quarterly profit rose 5.2 percent as it added more digital cable, Internet and phone customers. The company also said its board had approved the buyback of $5 billion of its stock, after essentially completing a $20 billion buyback.