Microsoft pays $26.2B for LinkedIn; iPhone shipments set to crater 8.6%

More cable news from across the web:

> Sony has confirmed that it's developing a high end version of its PlayStation gaming console that supports 4K video. Financial Times story

> Nexstar Broadcasting Group has divested five more stations for $115 million as it continues to right-size itself for its acquisition of Media General. Press release

> Microsoft is paying $26.2 billion in cash for social career platform LinkedIn. Variety story

> CBS Interactive CEO Jim Lanzone has been promoted to the newly created position of chief digital officer for CBS Corp. Variety story

Telecom News

> Frontier has named Jacqueline R. Kinney as vice president of state government affairs for California, signaling a tightening of its hold in the state following a troubling integration of Verizon's wireline assets. Article

Wireless News

> Shipments of the iPhone will fall as much as 8.6 percent this year from 2015, according to a report from Nikkei Asian Review and picked up by 9to5Mac. Citing an unnamed "person at a major supplier," Nikkei said "lukewarm demand" for the next iPhone will result in the first annual decline in shipments since the handset's 2007 debut. Foxconn Chairman Terry Gou informed his staff that demand for the iPhone "will remain feeble until at least early next year," according to the piece. Article

> Verizon and AT&T are preparing for a third round of bidding for Yahoo's online assets, Reuters reported. Yahoo could begin notifying bidders whether they've made the cut as early as today after holding a board meeting to discuss second-round bids. Verizon has been outspoken about its interest in Yahoo's assets for months, and last week reports indicated AT&T is also in pursuit. Article

And finally… Google's Chromecast OTT dongle has surpassed Apple TV in sales. TV Predictions story