Filed under: Newspapers, Magazines, Google (GOOG), Time Warner (TWX), Berkshire Hathaway (BRK.A), BHP Billiton Ltd ADR (BHP), Rio Tinto plc ADS (RTP), Time Warner Cable (TWC)

MAJOR PAPERS:

• Battling Baidu.com Inc (NASDAQ: BIDU) in China with little success, Google Inc (NASDAQ: GOOG) is working with a Chinese company to offer free licensed music downloads, the Wall Street Journal reported. The new service is expected to be launched in several weeks.

OTHER PAPERS:

• BHP Billiton Limited (NYSE: BHP) raised its bid for mining company Rio Tinto Plc (NYSE: RTP) to more than GBP70B. Meanwhile, the UK Times reported that Rio’s new Chinese shareholder was preparing a counter bid for Rio.
• The Washington Post reported that Time Warner Inc (NYSE: TWX) CEO Jeffrey Bewkes is expected to announce a plan today to sell or spin off Time Warner Cable Inc (NYSE: TWC). Bewkes also is likely to signal plans to break up AOL in the coming year.

WEB SITES:

• Berkshire Hathaway Inc’s (NYSE: BRK.A) Warren Buffett told Fox Business that he has no plans to bail out Ambac Financial Group Inc (NYSE: ABK) and MBIA Inc (NYSE: MBI).

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