Sirius and XM: The FCC have reached a tentative deal to approve the merger of Sirius Satellite Radio and XM. The companies are valued at $7.5 billion combined.

Myspace Finding New Ways to Make Money: Myspace will be launching a new music service that allows myspace members to listen to free streaming music as well as purchase song downloads, ringtones, T-shirts and concert tickets.

Warner Stock Media Stock: Warner had the best performing media stock says the NY Post. “As of yesterday’s close, WMG shares are up 34 percent year-to-date while the stock of every other company in its peer group is down.” “The music industry’s bottoming is evidence that media stock valuations can get too low,” said Laura Martin, senior media analyst at Soleil Securities.

War On Piracy: A groundbreaking deal between the music industry and broadband companies that will prevent illegal downloading will be unveiled today according to the Financial Times. The biggest service providers that represent 90% of the broadband industry have signed a memorandum that will commit them to working towards a “significant reduction” in illegal file-sharing. “The service providers will send letters to 1,000 prolific illegal downloaders a week under a three-month trial.” The net neutrality activists must hate this..