Microsoft unveiled its long-anticipated next generation Xbox, called the "Xbox One," a device that allows users to switch more easily between entertainment options. The company also said Tuesday it is partnering with game makers to produce 15 exclusive games on the console.

At the tech giant's Redmond, Wash., headquarters, interactive entertainment business president Don Mattrick said the new Xbox aims to be a single device that can provide all the entertainment for a living room, and to simplify an entertainment experience that "has become too complex."

The console is controlled by voice and motion with much more sensitive sensors than the existing Xbox console. The device is personalized so when a user says "Xbox One" and turns on the device, it shows a personalized home screen, to browse games, TV, movies and music.

In the wake of Yahoo's announcement on Monday that it's snapping up Tumblr for $1.1 billion, the attention has shifted to other private technology companies that could be next. (A little horn-tooting: After Facebook bought Instagram more than one year ago for $1 billion, I predicted that Tumblr would be the next big acquisition in this new media space.)

A year after Facebook's initial public offering, the question is: What's the plan for Facebook's future? What does it need to do to remain the dominant social network and to pull its stock price back above where it priced its IPO.

Rupert Murdoch Tweeted Thursday night a warning "Look out Facebook! Hours spent participating per member dropping seriously. First really bad sign as seen by crappy MySpace years ago.."

Facebook said the rumors that it's losing its cool factor for the younger demographic aren't true. In its most recent earnings call, in a response to a question about some studies showing a shift in behavior, the company called younger users its "most engaged and active." But the company acknowledged it's carefully watching the trend. Competition is rising, so investors are wondering what Facebook will do to hold on to its crucial, and often fickle, younger users.

When Facebook went public a year ago, the spotlight was on three principal characters: CEO Mark Zuckerberg, COO Sheryl Sandberg, and CFO David Ebersman.

The three C-suiters were on the public stage throughout the company's road show presentations to potential investors, and literally on stage together as they rang the opening bell the day of its IPO.

Zuckerberg and Sandberg have had a particularly busy year; in addition to running the company Zuckerberg has gotten involved in philanthropy and political action, and Sandberg has been on book tour to promote "Lean In." But as the company grows, so does its bench of high-profile executives.

(Read More: Facebook Shares One Year On—Time to Reconsider?)

YouTube unveiled its subscription services for its YouTube channels, as it looks for a way, beyond advertising, to cash in on the 1 billion users per month that visit its site.

Though YouTube allows content creators to sell individual episodes or movies, this move seems like a dramatic shift as it treats its most popular videos like premium content—a move away from its emphasis on free, ad-supported video.

The pilot program starts Thursday in 10 countries, with 30 partners and 50 channels, ranging from full episodes of Sesame Street to Ultimate Fighting Championship fights.

News Corp. shares pushed higher after-hours following better-than expected fiscal third-quarter results. As with other media companies, cable networks are driving the media giant's growth—regional sports networks as well as the National Geographic Channels.

Cable strength offset declines in publishing and education. Ahead of the company's planned split of the media assets from the publishing and education assets this summer, this quarter's results highlights the potential for growth the former holds, and the risks inherent education and publishing.

The company the company expects total operating income for the fiscal year ended in July to grow in the mid to high single-digit percentage range.

With its stock trading at an all-time high, Disney delivered growth across each of its five divisions, beating Wall Street expectations on both the top and bottom line.

In an exclusive interview with CNBC's "Closing Bell," CEO Bob Iger called it "all in, a great quarter for the company." Showing the strongest gains, parks and resorts revenue grew 14 percent, while operating income grew 73 percent.

"Our parks and resorts had a great quarter that was helped a lot by some of our investments, notably at Disneyland and in Florida, but also our new cruise ships," Iger said.

Heading into its fiscal second quarter earnings announcement on Tuesday, Disney shares are trading around an all-time high, up about 50 percent over the past 12 months. With analysts growing increasingly optimistic this quarter, and the majority of analysts rating the company a "buy," the big question is whether the media giant will beat expectations as it did last quarter, sending the stock even higher.

Disney's biggest and most profitable division—media networks—will be in the spotlight. New carriage deals for ESPN, are expected to push revenues higher. Still, investors will have a keen interest in how advertising is faring at the networks. Disney's also been investing in its parks division, so investors will be looking for margins to start growing.

This quarter the studio, bolstered by "Oz: The Great and Powerful," faces easy comparisons to the year-ago quarter when big budget "John Carter" bombed. Perhaps even more important than this past quarter's films, are the current quarter's, including "Iron Man 3," which opened last weekend with the second biggest U.S. box office debut ever—$175 million. Though Disney never gives official guidance, analysts are sure to probe on the conference call for some indication of how the movie will boost the bottom line in the company's fiscal third quarter.

LinkedIn beat expectations, but growth across all three of its divisions, and member growth to 225 million, didn't help its stock, which plummeted ten percent after-hours. Wall Street focused on LinkedIn's disappointing Q2 outlook, which fell short of expectations, indicating that the company's growth will slow over the course of the year. What happened?

On the earnings call CEO Jeff Weiner talked about the success of new products it's introduced—like search, and a more automated hiring tool, with features like 'people you may want to hire.' As with Facebook (FB), LinkedIn is seeing ongoing growth in mobile usage. The company announced that with its new iPhone and Android apps it's seeing more than 40 percent increase in likes and comments per unique user. And it promoted the fact that its new 'Contacts' tool is its first that's launched on mobile and the desktop at the same time.

The business network's revenue grew 72 percent to $325 million, while Wall Street had been expecting $317 million. Earnings per share tripled from a year ago to 45 cents (non—GAAP diluted EPS), fourteen cents more than expectations. And growth is consistent across the board, with its biggest division, Talent Solutions, growing revenue 80 percent to $184 million. The two smaller divisions, Marketing Solutions (ads), and premium subscriptions, grew 56 percent and 73 percent respectively.