CNN has signed a deal with Internet Broadcasting, the publisher of 70 local TV station web sites. The deal will allow CNN to syndicate local news from the stations, increasing its ability to capitalize on the growing market for local online ads.

GOOGLE submitted a proposal to the FCC suggesting that companies be allowed to allocate radio spectrum using an ongoing, real-time auction. The proposal comes ahead of rule-making for the auction of the 700 MHz band. Google says the auctions will provide more broadband options at lower prices, especially in low-income areas.

EMI agreed to be purchased by private equity firm Terra Firma Capital. The firm may split up EMI, and sell off its various divisions.

KFC will begin airing a commercial that uses clips from user-generated videos found on video-sharing web sites. The spot will begin airing tonight.

GOOGLE will launch Hot Trends, a service that tracks the fastest-rising search trends. The list of topics will be updated multiple times throughout the day, and include links to relevant news stories. Launch is expected today.