Snip from the Hollywood Reporter:
Leveraging the momentum from its record-setting online streaming of the Live 8 concerts this month, AOL today is expected to announce the creation of a partnered multimedia production company that will accelerate its live entertainment events online, as well as for TV, cell phones and other media platforms.
It will be the first of many new production alliances aimed at fortifying AOL's expanded top-ranked music and emerging video services, as well as responding more aggressively to intense competition from Google, Yahoo! and other online competitors. On July 2, the Live 8 concerts held around the world served as the unofficially launchpad for AOL's new and improved AOL.com portal, which will be heavily geared to music, video and video search.
Link (paid sub-only), and Link to BusinessWeek story (free).
Update: I'll be a guest on CNN's "Showbiz Tonight" this evening for a segment about this news, Airs at 7pm/11pm ET. (for West Coast US viewers, 4PM PT and 8PM PT).
Rafat Ali of Paidcontent.org posted about the news earlier: Link.
