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Torin Douglas Torin Douglas | 10:25 UK time, Tuesday, 4 January 2011

I'm the BBC's media correspondent and this is my brief selection of what's going on.

Facebook has reportedly raised funds from Goldman Sachs and a Russian investor in a deal valuing the social networking site at $50bn (£32.3bn). The BBC reports that a Facebook spokesman would not comment on the reports in The New York Times and the Financial Times.

The BBC admitted last night that it had been a "tough decision" to kill off long-running Archers character Nigel Pargetter from the 60-year-old radio soap. The Independent reports that many Archers fans are not happy - either that Nigel has been killed off, or that the much-hyped storyline would really "shake Ambridge to the core" as the programme's editor had predicted.

The Telegraph reports Vanessa Whitburn, the Archers' editor, appeared to give the plot twist away on Monday's Today programme by suggesting Nigel had died after falling from a roof in the series' 60th anniversary episode on Sunday.

Graham Seed, who has played Nigel Pargetter for 30 years, said on Radio 4's Today that he was grieving his exit.

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The Guardian's Peter Preston says the attorney general's concern at reporting of the Joanna Yeates murder case emphasises how laws on contempt of court are falling into contempt.

Conservative MP Rory Stewart says in the Guardian that Cumbria is finding a way to bring superfast broadband to rural communities:

"In Great Asby, one volunteer discovered there was already fibre, paid for by the taxpayer, for the school. The school let him splice off the fibre to a cabinet that he calls a 'parish pump'.... Local farmers have agreed to lay the fibre, at a fraction of the commercial cost. This is not just impressive technology, it's astonishing community action. And it suggests a model for rural Britain."

Jeremy Hunt is considering Ofcom's report on whether News Corp's BSkyB bid should be referred to the Competition Commission. The Guardian says he is expected to accept the report, which has not been made public but is thought to recommend a further enquiry. Mr Hunt is expected to announce his decision in mid-January.

The BBC's newspaper review shows the papers are mulling over the VAT rise. The Telegraph says retail experts are warning that many businesses will use the 2.5% VAT rise to mask a bigger increase in their prices. The Daily Mail says many stores will not adjust their price tags straight away, but will add on the extra tax when shoppers come to pay, leading to rows at the checkout.

Links in full

BBC | Facebook investment 'values firm at $50bn'
Independent | Fans not happy with 'Archers' birthday drama
Telegraph | Editor of The Archers accidentally gives away key plot
BBC | Archers actor 'grieving' over exit
Guardian | Joanna Yeates murder case puts media coverage in the spotlight
Guardian | How Cumbria's village halls are pioneering a hi-tech revolution
Guardian | Cautious Hunt set to reject approach from Murdoch
BBC | Newspaper review

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