The second GTA IV episode will be called "GTA: The Ballad of Gay Tony". I never would have guessed that name. It’s a bold and amusing move and part of what makes Rockstar Games great. The main character is Luis Lopez (GTA fans worked this out long ago), a hoodlum who works for Tony Price aka Gay Tony.
It will be downloadable from Xbox LIVE® for 1600 points ($19.99 USD). There will also be an XBOX 360 disc released for $39.99. The disc will be called GTA: Episodes from Liberty City, it will not require GTA IV and it will include "The Lost and Damned" and "The Ballad of Gay Tony".
This episode’s focus on high-end night life contrasts with the biker gangs portrayed in The Lost and Damned, whilst giving us a lot of new gameplay possibilities." Grand Theft Auto IV’s second downloadable episode, The Ballad of Gay Tony injects Liberty City with an overdose of guns, glitz, and grime.
As Luis Lopez, part-time hoodlum and full-time assistant to legendary nightclub impresario Tony Prince (aka "Gay Tony"), players will struggle with the competing loyalties of family and friends, and with the uncertainty about who is real and who is fake in a world in which everyone has a price.
Source: Take-Two Press release