In a clever bit of journalistic hackery, The Associated Press has uncovered the full details of the Facebook-ConnectU settlement that was widely reported yesterday. How did they do it? By simply copying and pasting an electronic version of the hearing, which contained large portions that were blacked out, onto another document. Doing so allowed the news agency to see what was written in the blacked out portions. As TechCrunch's Jason Kincaid writes: "Just, wow." The document reveals that Facebook is actually worth $3.7 billion, a far cry from the $15 billion valuation Microsoft slapped on the company when …

Content, once a king, is now a pauper, according to Time. As little as six months ago, movies, TV shows, magazines, radio broadcasts and high quality Web content were all viewed as having a significant intrinsic value, but that value has deteriorated markedly since then. Because of this, media giants like News Corp., Time Warner, The New York Times Co., and CBS have all been asked to write-down tens of billions of dollars in assets. And just yesterday, a Wall street analyst downgraded both Yahoo and Time Warner. Part of the problem, according to the Time report, is that content …

Yahoo CEO Carol Bartz today begins the first of a crucial two-day summit with the company's top managers, who have been brought to Yahoo's Sunnyvale, Calif. campus to talk about Yahoo's future. Sources tell Kara Swisher that Bartz is preparing to unveil a new organizational structure, but she has not informed Yahoo senior staff about the pending changes. Bartz, it is believed, thinks the company is still too overstaffed, and needs to get "leaner and meaner." Prior to today, Bartz has been floating from meeting to meeting in her first month in charge, asking very pointed questions with little or …

GigaOm writer Om Malik thinks that Facebook's future lies on the mobile phone. He admits to barely visiting the site from his laptop, preferring instead to use his iPhone to send messages, update his status and check friends' updates on the news feed. "The ad- and clutter-free interface has fewer distractions and makes using Facebook a breeze," he says. Malik is one of 25 million Facebook mobile users and one of 4 million who access the device on a daily basis. That's a big chunk of Facebook's 150 million registered user base, and one that represents the company's future, he …

Last year, AOL scooped up Goowy Media, a widget app developer, for an undisclosed sum. PaidContent.org's Tameka Kee wonders whether this was another hasty investment by the Time Warner company. Is the widget economy even economically viable? VCs obviously have high hopes, having invested nearly $13 million in widget startups in the past four weeks alone. However, according to eMarketer, app-based social media spending is only expected to reach $70 million this year. That, Kee points out, is less than 6% of the $1.3 billion advertisers are expected to spend on social media overall. EMarketer Senior Analyst Debra Aho Williamson …

Tyler and Cameron Winklevoss, the twins who started ConnectU, a social network that Mark Zuckerberg used to work on, "may have had some serious evidence" that Zuckerberg stole their ideas in creating Facebook, according to a brochure made by the business litigation firm that represented the twins in their case against the Facebook founder. The brochure claims that Facebook recently paid the brothers (and other ConnectU stockholders) $65 million to settle the long-running lawsuit brought against Zuckerberg after he left their company to start his own site. Presumably, the brochure contained the sum in order advertise the money-winning ability …