peHUB First Read

Just a few links, before I hop on an airplane for Colorado…

* Big day for online ad networks. Glam Media will announce that it has raised $84.6 million at a half-billion valuation (a figure which is becoming popular in digital media circles), while Germany’s Adconion had added another $80 million.

* Bidders for Morgan Stanley’s stake in China International Capital Corp. (CICC) have cut the value of their offers.

* Microsoft has launched a $3 million seed fund for developers healthcare applications. Maybe some more money will open up if/when Microsoft ends its Yahoo persuit…

* We’re now at 45% of U.S. economists predicting a recession in 2008. That’s a big jump from three months ago, but still lower than the percentage of PE pros predicting one (which could be conservatively put at 85%).

* Electronic Arts offers to buy Grand Theft Auto maker Take-Two for $2 billion. But Take-Two thinks the bid is too low, and wants to wait until it releases the fourth installment of its murder and mayhem series. Maybe a few more dead hookers and messy car crashes will push the value up to $2.2 billion (which would be just slightly more apropos).