<?xml version="1.0"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml">    
    <mx:Script>
        <![CDATA[
            [Bindable]
            public var initDG:Array = [
                {Artist:'Pavement', Album:'Slanted and Enchanted'},
                {Artist:'Pavement', Album:'Brighten the Corners'}
            ];
        ]]>
    </mx:Script>
    <mx:DataGrid id="myGrid" dataProvider="{initDG}" variableRowHeight="true">    
        <mx:columns>
                <mx:DataGridColumn dataField="Artist"/>
                <mx:DataGridColumn dataField="Album">
                    <mx:itemRenderer>
                        <mx:Component>
                           mx:Text width="100%" selectable="false" text="{data.Album}"/>
                        </mx:Component>
                    </mx:itemRenderer>
                </mx:DataGridColumn>    
        </mx:columns>        
    </mx:DataGrid>         
</mx:Application>

warning: unable to bind to property 'Album' on class 'Object' (class is not an IEventDispatcher)
warning: unable to bind to property 'Album' on class 'Object' (class is not an IEventDispatcher)
warning: unable to bind to property 'Album' on class 'Object' (class is not an IEventDispatcher)
warning: unable to bind to property 'Album' on class 'Object' (class is not an IEventDispatcher)
warning: unable to bind to property 'Album' on class 'Object' (class is not an IEventDispatcher)

package {

    public class MyData {
        
        [Bindable]
        public var Artist : String;

        [Bindable]
        public var Album : String;

        public function MyData(Artist : String = "", Album : String = "") {
            this.Artist = Artist;    
            this.Album = Album;    
        }
    }
}

            [Bindable]
            public var initDG:Array = [
                new MyData('Pavement', 'Slanted and Enchanted'),
                new MyData('Pavement', 'Brighten the Corners')
            ];

 dataChange="t1.text = data.name" 

 text="{setText(data)}"

 private function setText(value:Object):void
{
   t1.text = data.name;
}