VCs: Market Is Over-Funded

4:15 PM -- Today's news from Contentinople:

• Venture capitalists at Advertising 2.0 think the digital media market is over-funded.
  
  
• And they're off! ABC will televise the Belmont Stakes. ESPN Radio will cover it. The New York Racing Association will air an audio feed online. But no one will offer Web video of the event.
  
  
• P2P caching firm PeerApp announced it supports Pando Networks protocol, six months after the companies formed a partnership to speed P2P file delivery.
  
  

And in today's News Bits: Viewership shifts slowly but surely online.

— The Staff, Contentinople