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According to Reuters, Express Scripts offered to buy Caremark RX for $26 billion, threatening a bid by CVS.

Reuters writes that Casino firm Harrah’s is close to a $16.7 billion buyout from Apollo Management and Texas Pacific.

Reuters writes that Cingular will offer MySpace on its phones.

The Wall Street Journal writes that surging internet traffic in Asia is driving a link-up between Verizon and five carriers to build a trans-Pacific cable. AT&T is in talks to build a line of its own.

The WSJ writes that Biomet is likely to be purchased by private equity interests.

Delata is planning to file a bankruptcy reorganization plan that would value the organization at $12 billion, well above the price that US Air has offered.

The WSJ writes that the Chinese Communist Party has set up a branch to for Wal-Mart employees.

The Wall Street Journal writes that Sony will offer a video download service for its PlayStation portable to compete with the iPod video service.

The New York Times writes that companies like NBC Universal and Viacom are thinking of building a competitor to YouTube.

The NY Times writes that a new study shows that as many as 1,400 outside directors at US companies received back-dated options.

The NY TImes writes that Comcast is experimenting with a service to release movies on demand at the same time they come out in DVD format

The FT writes that the founders of Skype have set up a web TV company.

Douglas A. McIntyre

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