Media Roundup: Congress Bails Out Pandora, Wal-Mart Yanks DRM-free Songs, and More

A reprieve for Pandora -- On Saturday, Congress voted to give internet radio sites more time to negotiate royalty rates with recording companies, which may save popular site Pandora. [Sources: Portfolio, Silicon Alley Insider]

Creative Loafing files for bankruptcy -- The publisher of alt weeklies including Washington CityPaper has filed for Chapter 11 bankruptcy in order to focus on its online presence. [Sources: Romenesko, Paid Content]

Wal-Mart turns off DRM servers -- Customers who bought DRM-free music from Wal-Mart could lose access to their songs. [Sources: TechCrunch, The Inquisitr]

The F.C.C. wants to regulate product placement -- The federal agency is asking for input on whether product placement in TV shows should be labeled. [Source: Ars Technica via Portfolio]

Advertising Age releases annual media report -- The magazine's yearly report on the top 100 media companies shows the slowest revenue growth since 2001. [Source: AdAge]