[Updated: 5:53 P.M.]

  NEWS:

Heath Ledger-directed Video Released by MODEST MOUSE
Ledger's conception marks the release of the band's EP. [SPIN]

KATHERINE JACKSON Gets Permanent Custody of Michael's Kids
But MJ's dermatologist threw in a bid that had people wondering… [MTV]

BRENDAN BENSON Announces First Leg of North American Tour
The Raconteur will tour behind My Old, Familiar Friend starting August 17. [MySpace]

DAN DEACON, DEERHUNTER, NO AGE Kick Off Round Robin Tour
The three acts played together on one stage at New York City's Brooklyn Bowl. [SPIN]

LIMP BIZKIT to Record New Album
Fred Durst, "rap-rock's Charlie Brown," preps band for first release since 2005. [NME]

DEVENDRA BANHART Announces New Album
What Will We Be features Little Joy guitarist Rodrigo Amarante. [Stereogum]

WOODSTOCK 40th Anniversary Concert Cancelled
Free concert planned for Brooklyn's Prospect Park lacks sponsorship. [Spinner]

PANIC AT THE DISCO Talk About New Music
Blink-182's Mark Hoppus may produce the band's upcoming album. [MTV]

RED HOT CHILI PEPPERS to Return to Studio in October
"We're ready," says drummer Chad Smith of RHCP's first reunion in two years. [SPIN]

TOOL, YYYs, JAY-Z Play All Points West
See photos and read reviews from the New Jersey fest! [SPIN]

DAVE GROHL Plays Mini-Set at Street-Naming Ceremony
Foo Fighter's birth town Warren, OH, renames one of its streets for the rocker. [NME]

KANYE, LYKKE LI, ROOTS Live in NYC
Cobra Starship, Passion Pit, and more also play Diesel's U:Music Tour. [SPIN]

BLACK EYED PEAS Set New Chart Record
Group scores longest No. 1 run in the Billboard Hot 100's history. [Billboard]

SLUM VILLAGE Rapper BAATIN Found Dead
Influential hip-hop artist discovered in Detroit. He was 35. [Pitchfork]

  MP3s & VIDEOS:

WATCH: CRIBS' "Cheat On Me" Video
Nothing says punk like shooting your video out of focus. [Stereogum]

Battle of the PANIC AT THE DISCO Bands!
Get our take on the first songs to emerge from the band's recent split. [SPIN]

WATCH: MY CHEMICAL ROMANCE Unveils New Songs Live
Check out MCR performing the Hives-esque song "Death Before Disco"! [SPIN]

LISTEN: RAVEONETTES Premiere New Track, "Suicide"
For a song about killing yourself, it's pretty upbeat. [Pitchfork]

LISTEN: DECEMBERISTS Play Two New Songs Live
Portland, OR, band unveil a pair of tracks at the Newport Folk Fest. [YouAintNoPicasso]

EMINEM Slams MARIAH CAREY in New Dis Track
Gosh, talk about a messy breakup. [SPIN]