America Online will cut at least 1,200 jobs in a restructuring effort, and AOL Time Warner will take a third-quarter charge of $100 million to $125 million as a result, the company announced. AOL says the move will help AOLTW operate all of its divisions "in a converged, integrated way." Under the restructuring, the company will create an Interactive Services Group, headed by Jonathan Sacks; co...
Liberate Technologies and AT&T's Headend In The Sky will team on interactive content via satellite to cable headends, and then to customers. The deal should allow HITS affiliates to provide new services, without set-top upgrades or server investments. The ITV service will use Liberate's TV Platform Compact software and run on Motorola's DCT-2000, the duo says.
Crown Media Holdings Inc. and DirecTV Inc. agreed to "reposition" the Hallmark Channel U.S. to DirecTV's Total Choice package, thus expanding the channel's distribution to about 40 million subscribers by the end of September, DirecTV says. Under the deal, DirecTV will receive about 5.4 million shares of Crown Media's Class A Common shares, or 4.
Those zany statisticians and their attention-getting tactics — the week already has seen a surfeit of studies on the industry. • Nearly 50 percent of U.S. households are interested in receiving VOD services, and nearly one-fourth indicated a "compelling" interest, says a Parks Associates study.
Talk about a rock and a hard place. ExciteAtHome's recent convertible stock offering drew a solid $100 million, but the terms require it to keep its common stock trading. But the broadband services provider faces delisting from NASDAQ, it says in an amendment to its annual report. The company, which announced last month it would need to raise funds by the end of the year or have a significant a...
Covad Communications saw a $175.5 million net loss on revenue of $87.1 million in its second quarter, citing charges connected with shutting down its BlueStar subsidiary as a key reason. The company, which filed for a Chapter 11 bankruptcy in mid-August and negotiated with bondholders to reduce its $1.
Sure, VC and other funding's out there, barely, but $110 million? Plus? Santera Systems Inc. scored more than $110 million in a third round of financing, it reports. The amount, led by Redpoint Ventures, brings its total to date to $200 million. Santera supplies next-generation switching solutions, a telecom infrastructure market valued at about $40 billion a year, a Redpoint spokesman says.
Metromedia Fiber Network Inc. issued a progress report on its contingency-heavy financing circle. The company today says it has secured $150 million in financing, from Citigroup and others, for a total of $330 million in commitments, including $180 million already promised. Under the most recent commitment letter, Citicorp would commit to purchasing $62.
Suzhou Cable TV of China will use subscriber management systems platforms from Redback Networks Inc. in Suzhou's broadband rollout. Redback says the SMS platform will use Suzhou's existing provisioning, accounting and management control systems to manage its subscribers, but speed time-to-market for new connection services.
A day after it announced its Interactive Video unit and new cable chief, AOL Time Warner says it's created the AOL Time Warner Global Marketing Solutions Group, headed by Myer Berlow. The unit will oversee development and rollout of the company's cross-platform advertising and marketing programs. The Interactive Video unit, announced yesterday, is intended to drive such initiatives as Time Warn...
Spooked by the slew of negative news from MSOs and their filings, Scientific-Atlanta withdrew its guidance for its first quarter and year 2002 results. MSO results show that while the total number of digital subscribers increased, most MSOs showed a decline in the net new digital subscribers added in the first quarter and beyond.
Lucent Technologies' creditors OK'd its restructuring terms, allowing it to reorganize, including taking a fourth-quarter $7 billion to $9 billion restructuring charge. Much had hinged on the approval. According to the terms of a $4 billion loan agreement earlier this year, Lucent would keep its net worth above $23 billion and could not take more than $4 billion in restructuring charges.
Liberate Technologiesteamed with SurfControl on technology that allows parental control over ITV content. Under the deal, SurfControl's Internet filtering engine will be integrated with Liberate's TV platform software. The result means a primary user can edit and change the parental control level of the system.
C-COR.net lost $6.23 million on net sales of $38.8 million in the fourth quarter and showed a $7.65 million net loss for the year. It also split itself into three separately located and run broadband units. In Q4, C-COR.net showed a loss from operations of $8.82 million, or 20 cents a share, compared with $6.
Covad Communications Group Inc. fulfilled its Aug. 7 announcement, and filed for Chapter 11 bankruptcy by its self-imposed deadline. The move is part of Covad's pre-negotiated plan to eliminate its $1.4 billion debt and ensure all bondholders adhere to a debt repurchase agreement, pending court approval.