-Rapper/ producer Dr. Dre and Interscope Records CEO Jimmy Iovine have filed a lawsuit against a Delaware based company over an oral breach of contract.

–Clear Channel Communications said Tuesday its second-quarter earnings fell more than 10percent on higher operating costs, despite a 7 percent increase in revenue. To stem the loss of listeners to satellite radio, Clear Channel has cut back on commercials, but raised its rates.

-Victory Records signs Ohio hardcore screamo act Beneath the Sky

-Los Angeles based indie pop/rock band The Hanks have signed to Cobra Music distributed by Fontana/Universal. Legal rep is Ben McLane, Esq and management: Jennifer Dare

-Billboard executive editor Ken Schlager and bureau chiefs Melinda Newman and Phyllis Stark were axed as part of a bigger overhaul triggered last month when the magazine’s VNU parent bought radio trade publication Radio & Records and closed down Billboard Radio Monitor. A total of 26 employees were let go from editorial, sales and operations, including nine from Billboard (Hits).

-According to Hits , P.O.D. split with Atlantic Records. Although the band has sold 7 million records, the last two records failed to react with a larger audience.

– MTV VMA’s nominates Alternative act 10 Years (pictured) Wasteland Video for ‘Best Direction and ‘Best Art Direction’. The band who is currently on the Family Values Tour has sold close to 350,000. New single ‘Waking Up” will impact radio 8/15.