Between the geolocation wars of Facebook and Twitter and the flux of geolocation-based social networks and mobile apps that have been hitting the market recently, the competition is tough. Today, mobile networking startup NearVerse, is launching a free iPhone app, called LoKast, which allows people to share media between iPhones at super-fast speeds. The kicker: the app connects people in its network based on proximity. LoKast, which is actually short for “local-casting," allows you to set up a profile that will list all of your photos, selected contacts, videos, web links and music on your mobile phone. You can select which content you'd like to include to the public and which content you'd like to keep private. When a LoKast user is in proximity (300 feet) of other LoKast users, the app will automatically discover other users nearby and allow the user to view and download their content. For example, you can see the iTunes library of any user who is in close proximity to you. You can choose to download a 30-second clip of any song to your own profile and can also follow the link to the iTunes store to purchase the music (LoKast collects an affiliate fee for this, of course). Similarly, you can download photos, videos and even contacts from other users into your profile. You'll also soon be able to share apps on your phone with other users.

Didn't I just write that the online video publishing market is heating up quickly? Here's another testament to that notion: KIT digital this morning announced that it has agreed to acquire privately-held competitor Multicast Media for net consideration of approximately $18 million. The acquisition sum is comprised of $4.9 million in cash and 1.3 million shares of KIT digital common stock, plus the assumption of approximately $4.6 million in long-term liabilities. KIT digital plans to close the acquisition by the end of this month.

Media and legal news pundit Dan Abrams is expanding his Mediaite, mini-empire today with the launch of fashion news site Styleite. Abrams announced late last year that he has a definitive plan for expanding to other verticals, and most recently launched tech and geek culture site Geekosystem. Styleite is the Mediaite family's venture into fashion journalism, with a little edge and pop culture stirred in. The site covers the news of what's taking place in the industry and focuses on a blend of analysis and breaking news. Stories range from Amy Winehouse's new designs to Yves Saint Laurent's latest exhibition to Lady Gaga's best fashion moments in her latest music video. The site also features a fashion industry-focused Power Grid which is Mediaite's trademark feature for ranking individuals and execs in various industries. The technology will rank 3,000 models, brands, execs, designers, reporters and others in the fashion industry based upon their power and media exposure weekly.

Peter Graves, star of the TV series Mission: Impossible and the Airplane films, dies of a suspected heart attack in LA, aged 83.

French singer Jean Ferrat, whose communist views saw many of his songs banned in the 1960s, dies aged 79.

Bloc Party singer Kele Okereke has announced details of his first solo live gig, playing this summer's Ibiza Rocks series alongside The Prodigy and Dizzee Rascal.