biz news

WB and AOL employees be wary
Time Warner Inc. (TWX) announced plans Wednesday to write down about $25 billion of assets in the fourth quarter - reflecting the declining values of its cable, AOL and magazine businesses - as the media giant lowered its 2008 operating outlook because of the weakening economy. From CNN (not Capone N Nore)

Apple announces new pricing for iTunes
There will no be a $0.69 and $1.29 option
Nice piece from Gigaom on how this could be good and bad news for the majors
Good news is they think they can gangster Jobs into giving them the $1.29. Bad news the don of the Le Pomme may stick them with the $0.69 price and say “F You, Kiss The Ring”