News International is paying about 3 million pounds ($4.7 million) to settle phone hacking claims by the Dowler family. News International is accused for phone hacking, police bribery, and exercising improper influence to publish stories. The phone of murdered schoolgirl Milly Dowler was allegedly accessed. The settlement also includes at least one million pounds in the form of a donation to charity. [Reuters]

One Kings Lane is a flash sales website for accessories and home decorations. One Kings Lane has raised $40 million in a new round of funding led by Tiger Global Management. Institutional Venture Partners, Kleiner Perkins, and Greylock Partners has joined in this round of funding. One Kings Lane is now valued at about $440 million as the company raised $65 million in funding total.

AT&T Inc. (NYSE:T) has talked to several smaller rivals including MetroPCS Communications, Inc. (NYSE:PCS) and Leap Wireless International, Inc. (NASDAQ:LEAP) to sell spectrum and subscribers. This is in order to save AT&T’s acquisition of T-Mobile USA for $39 billion.

A new study has been released from social media research coming out of University of Maryland. The Facebook App Economy added at least 235,644 jobs and has contributed $15.17 billion in wages and benefits to the U.S. economy in 2011. This study included jobs created in other sectors of the economy that includes indirect employment from the Facebook ecosystem. It also includes the economic value of jobs in salary and benefits. [TechCrunch]

Google Inc. (NASDAQ:GOOG) has acquired German Groupon competitor DailyDeal. DailyDeal was founded by brothers Fabian and Ferry Heilemann. The company sold about 252,000 vouchers in the first three months of 2011. DailyDeal recently expanded to Austria and Switzerland. DailyDeal had recently announced that they were planning to expand to Scandinavia, Belgium, the Netherlands, and Luxembourg. [TNW]

Netflix, Inc. (NASDAQ:NFLX) had recently created separate plans and prices for DVD-only services and for streaming-only services. Netflix has now created a separate company called Qwikster, which will be the DVD unit of Netflix. Netflix co-founder Reed Hastings wrote the following message on the Netflix blog:

Pinterest is a social bookmarking service that has raised $10 million in Series A from Bessemer Venture Partners recently. Supposedly they raised the funding at a pre-money valuation of $40 million. It is rumored that Pinterest is now trying to raise around the same amount of money in the form of Series B. According to sources with TechCrunch, the company’s valued is pegged at $125 million. [TechCrunch]

The board of directors at Twitter has been shaken up. Two high-profile investors Bijan Sabet and Fred Wilson are leaving the company board of directors. Twitter’s chief scientist Abdur Chowdhury is also stepping down.