Although the current financial crisis has effectively put the brakes on M&A in many sectors, including TMT, a few notable transactions have managed to be signed or closed particularly in the wireless area such as Verizon Wireless-Alltel and AT&T-Centennial Communications. Moreover, while the slowdown in private equity acquisitions is no surprise in light of current markets, the major media companies also appear to have scaled back acquisition activity - at least for now - but have nonetheless engaged in some notable joint ventures and similar strategic transactions. One perfect example is MySpace's recent joint venture with the major music labels (SONY BMG MUSIC ENTERTAINMENT, Universal Music Group, Warner Music Group and EMI Music) to create MySpace Music, which launched in September 2008 - a groundbreaking transaction showcasing the ways in which the music industry is responding to the influence of the Internet and the Internet consumer by launching a website providing, at a single destination, both free ad-supported, full-length audio streaming as well as DRM-free MP3 music e-commerce downloads, and a host of other features. As everyone waits for the financial markets to settle and M&A activity to pick up again, we would not be surprised to see an increase in joint ventures and other strategic activity such as parties exploring business development opportunities in what are proving to be difficult times.