Apple Event Live Blog

Updated with news summary of Wednesday's event.

SAN FRANCISCO, California ( TheStreet) -- Apple ( AAPL) overhauled its iPod and iTunes offerings at an eagerly anticipated event Wednesday and also unveiled the latest version of its Apple TV technology.

>>TheStreet's Scott Moritz weighs in on Apple TV

The rumor mill had been turning frantically in the run-up to the event at the Yerba Buena Center, which followed the company's headline-grabbing iPad and iPhone 4 launches earlier this year.

As expected, Apple CEO Steve Jobs unveiled a new version of the iPod nano, as well as a refreshed iPod Touch. Jobs also took the wraps off Ping, a music-focused social network for iTunes users.

The company's biggest announcement, however, was the second generation of Apple TV. Jobs admitted that the initial Apple TV, launched four years ago, has not been a huge hit with customers but unveiled a new, scaled-down version of the technology. A fourth of the size of the original, the new Apple TV can be held in the palm of the hand, has built-in Wi-Fi and offers the largest library of movies to rent in the world, according to the Apple CEO. The price of the original Apple TV was $299; now it's priced at $99.

The new Apple TV can also stream content from the Netflix ( NFLX) streaming library and allow access to Google's ( GOOG) YouTube and Yahoo!'s ( YHOO) Flickr.

In a big break from recent tradition, Apple provided a live stream of Wednesday's event, albeit only for users of its own devices, which was live-blogged by TheStreet above.