Media Roundup: Yahoo's New Strategy, Facebook Devalued, and More

(MoneyWatch)  Yahoo! announces "open" strategy -- In an effort to tie all of its services together under the same technology, Yahoo! has announced its new "Open" strategy. As a result, services like Yahoo! Mail will now feature applications from companies like the blogging system Wordpress, and the photo sharing site Flickr. Yahoo! also plans on adding social networking capabilities across services, which notify users of their friends' actions. [Source: TechCrunch]

Facebook devalued -- Once valued as high a $15 billion, Facebook now has a more realistic valuation of $2 billion. The social networking's new valuation is based on the current trading of the social networking site's common stock. Facebook has also struggled to fully monetize its massive user base. [Source: Silicon Valley Insider]

Layoffs at New York magazine -- Reports place cuts at New York Magazine at around half a dozen. The cuts were done in an effort to reduce redundancy as the magazine shifts more resources to digital production. [Source: Portfolio]

AP writers and photographers on byline freeze -- In order to protest management's stance during contract talks, AP workers will withhold their bylines. The two sides are at odds over a proposed wage freeze. [Source: Editor and Publisher]

ESPN to relaunch site -- In an effort to simplify its homepage, and include more advertising space, ESPN.com is unveiling a substantial redesign. The site is due to launch today, with a "formal introduction" planned for January 5th. [Source: New York Times]