Both the New York Times and the Telegraph have been innovating on the newsmedia business model by introducing API's that expose their content and services for outside developers to leverage. Recently The Guardian held their "Hack Day at The Guardian".
The concept is simple: take an idea to prototype in a day and then present your work to your colleagues and a panel of judges.
Guardian staff and friends participated in this 24 hour code-fest that ended in 90 second presentations in front of a panel. You can track activity on Twitter and see pictures on Flickr. I still don't know who won yet. I am sure that everyone is a winner :)