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Daily Tidbits: Facebook bans Project Playlist

Facebook has decided to ban Project Playlist and the New York Times' online ad revenue has dropped for the first time.

Facebook announced Tuesday that it has followed MySpace's lead and will ban Project Playlist from its service. According to the company, it has removed the Project Playlist app from Facebook and all embedded playlists have been removed from user profiles. Facebook said in a statement that it hopes Project Playlist can come to an amicable agreement with the labels so users can get back to using the app.

The New York Times announced Wednesday that it witnessed its online ad revenues drop for the first time in the site's history. According to the company, its online ad revenue slumped by 3.8 percent in November and total revenue from all its continuing advertising operations dropped by 20.9 percent.

Friendfinder Networks, a company that offers adult-oriented sites, is filing for an initial public offering with the SEC. According to documents released by the federal regulatory body, Friendfinder Networks wants to use the IPO to raise $460 million from the sale of the shares to pay off its enormous debt.