Webwire: Virgin blasted over data claims; Telecom Italia share value cut

UK advertising authorities say Virgin Media must drop an online campaign lampooning the fixed line data speeds of rivals including BT and Sky.
Telecom Italia’s domestic shareholders are preparing to knock €40 cents off the value of their shares, to bring the stakes in-line with market value of €1.80.
News Corp has sold MySpace, the social networking site it acquired for $580 million (€400 million) in 2005, to advertising network Specific Media for $35 million.
Oracle has clarified that it is seeking $2.3 billion (€1.5 billion) in damages from its Java patent suit against Google over the Android OS, Alleging that Google's claim in court documents that it wants up to $6.1 billion was a misleading interpretation of the expert valuation it is using.
Cisco has provided more details of its tablet plans, including a suggested retail price of $750. The company also said it would set up an online service, AppHQ, to let companies set up private app storefronts for their employees to use to download business apps.
Social gaming firm Zynga aims to raise between $1.5 billion (€1 billion) and $2 billion in an IPO that could value the firm at up to $20 billion.