YAHOO CEO Terry Semel has resigned from the company's top position, and will be succeeded by Yahoo co-founder Jerry Yang. The transition occurs after a year of steadily declining stock value and failure to effectively compete with GOOGLE in the online advertising space.

HBO is consolidating digital operations in its New York headquarters, and disbanding its digital team in Los Angeles. Several executives in charge of digital distribution will be leaving the company. Thus far, HBO has been noticeably absent from the surge in online video.

YOUTUBE is going international. The company will translate its existing site into seven different languages. After the initial translation, YouTube will gradually tailor the sites to each individual country.

THE UPFRONT is proceeding at a rapid pace. FOX has completed deals with four major agencies. NBC is over 65% finished with prime-time. CBS has finished with several agencies. However, ABC is taking its time. Sources say ABC sales president Mike Shaw is holding out, expecting increased CPMs.

GOOGLE unveiled modified hybrid cars that have almost double the fuel-efficiency of current hybrids. One model is capable of sending energy back to the power grid when it is needed. The cars are the work of Google.org, the company's philanthropic foundation. They are currently in use by Google employees.