Facebook has announced an agreement with 49 U.S. state attorneys general and the District of Columbia to take significant steps to protect children on the social networking site.

The move comes after a similar agreement was reached with MySpace in January. The Facebook agreement is aimed at better protecting children from online predators and inappropriate content.

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The big social media sites receive thousands of submissions continually. Yours doesn’t have to be one that never escapes Digg’s Upcoming section, or the basement of any social bookmarking presence.

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A public service or draconian narc network? You be the judge. It didn’t take long for a few things to happen with Twitter: for so-called spammers to seek out a "marketing" advantage; for Twitterers to fight back against said spammers; and for a moral authority to form.

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Microsoft is attempting to see if Facebook has any interest in being purchased by the software company after it abandoned its bid to buy Yahoo.

According to the WSJ Microsoft’s bankers put out subtle signals to Facebook, to see if it would be interested in being acquired.

Last October, Microsoft bought a $240 million stake in Facebook, which valued the social networking site at $15 billion. An unnamed source says there are no active talks between the two companies.

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MySpace is launching what it calls the MySpace "Data Availability" initiative that will allow users to share their information with a number of partner sites.

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On the heels of MySpace’s Data Portability announcement, Facebook has unveiled Facebook Connect, which the social networking site is calling "the next iteration of Facebook Platform that allows users to ‘connect’ their Facebook identity, friends and privacy to any site."

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