Media Digest (5/10/2010) Reuters, WSJ, NYT, FT, Bloomberg

Microsoft (NASDAQ: MSFT) is close to a purchase of Skype for $7 billion (WSJ)

Microsoft is close to an $8.5 billion deal to buy Skype (Reuters)

PIMCO increased its short position in US Treasury instruments (Reuters)

The Obama Administration is battling to keep funding for its healthcare law (Reuters)

Ratings agencies dropped their evaluations of Greece (Reuters)

Oil dropped as margin requirements rose (Reuters)

Google (NASDAQ: GOOG) will launch an online music service (WSJ)

YouTube added a number of premium movies and TV shows to its rental service (Reuters)

LinkedIn’s IPO price shows that social media companies may not bring expected valuations (Reuters)

Fiat may increase its ownership of Chrysler to 70%. (Reuters)

Hertz (NYSE: HTZ) raised its offer for Dollar General (NYSE: DTG) well above that of Avis Budget (NYSE: CAR) (Reuters)

A drop in Greek debt ratings cause a sharp sell-off in its bonds (WSJ)

A reverse split pushed Citigroup’s stock price to $40 (WSJ)

Shares of Alcoa (NYSE: AA) rose with metals prices (WSJ)

John Paulson will make hundreds of millions of dollars on his bet about the value of Lehman Bros assets (WSJ)

Improvements in tech jobs have helped the California economy (WSJ)

Southwest (NYSE: LUV) will set its buyout of AirTran to make a hub in Atlanta (WSJ)

Digital sales pushed up shares of Activision Blizzard (WSJ)

Nvidia (NASDAQ: NVDA) bought a phone chipmaker to increase its presence in the business (WSJ)

HSBC (NYSE: HBC) management said the home price crisis will cripple the overall US recovery (WSJ)

Users of Facebook have sometimes migrated to smaller sites to share news (NYT)

The head of the FDIC will retire (NYT)

China’s trade exports jumped to $156 billion, a record It trade surplus moved above $11 billion (NYT)

The Columbia Journalism School released a report that says journalists must rethink their habits for the digital age (NYT)

Bank of America (NYSE: BAC) will try to halve its $850 billion bad loan portfolio (FT)

Angela Merkel may push against a restructuring of Greek debt (Bloomberg)

The earthquake will cause a spike in Japanese home building (Bloomberg)

Experts said a Greek default would ruin its economy (Bloomberg)

Douglas A. McIntyre