On the heels of Lucent Technologies' landmark convertible stock offering last week, Nortel Networks Corp. announced its intent to follow suit. The company says it expects to raise $1 billion through a private offering of convertible senior notes, all or substantially all of which will go to its operating subsidiary, Nortel Networks Ltd.
It's always nice when your sincere $32 billion offer is taken seriously. EchoStar Communications Corp. issued an announcement, stating it was "pleased" at General Motors' public interest in the satellite company's unsolicited pitch for Hughes Electronics Corp. GM's CFO John Devine has told reporters the company is treating EchoStar's offer as a serious bid.
EchoStar Chair and CEO Charles Ergen did the math for analysts in a conference call regarding his company's unsolicited bid for Hughes Electronics. Aside from financials, Ergen said a combined company would be slightly larger than AT&T, although AT&T Broadband's potential consolidation "by the time we would consummate this deal," would land EchoStar-Hughes a distant No.
CableRep Advertising and SeaChange International Inc. demonstrated digital cable ad insertion in Cox Communications' headends in Chandler, Ariz. Cox, parent of CableRep, reports that multiple insertions originating from a SeaChange spot ad insertion system, each comprising two, 30-second ads, were done in local breaks for 10 networks, including ESPNEWS, CNNSI and Discovery Wings.
Competition is fine, but all those broadband products out there are confusing the end user, a study says. Customers in well-wired cities may be overwhelmed by comparing satellite, cable and other broadband services. "An apples-to-apples comparison of multichannel entertainment and related products, such as Internet access, is challenging at best and often nearly impossible for the consumer," sa...
Cisco Systems Inc.'s fourth-quarter net income dropped to $7 million, or zero cents per share, from $796 million, or 11 cents a share, a year ago. It also reported a $1.01 billion net loss, or 14 cents a share, for fiscal year 2001, compared with a net income of $2.67 billion, or 36 cents a share, in 2000.
Covad Communications Group Inc. will file a pre-negotiated Chapter 11 bankruptcy by mid-August, helped along by a potential elimination of its $1.4 billion debt. Its proposed debt restructuring plan already has been approved by bondholders representing a majority of the outstanding accreted value of the bonds, the company reports.
Cabletron spinoff Enterasys Networks (NYSE: ETS) closed at $13.75 a share on its first day of trading yesterday. Company Chair and CEO Henry Fiallo launched the stock by ringing the opening bell on the exchange. Cabletron had announced in early July that it would finish its spinoff of its Riverstone subsidiary and launch Enterasys Networks as an independent public company on Aug.
Despite 2001's 11 percent drop in the switching and routing market, edge IP aggregation routers will hold a positive growth, reaching some $2.4 billion this year, a study says. The Switching & Routing Forecast Report from RHK Inc. says the market dipped from $7.8 billion in 2000 to $6.9 billion in 2001.
MAPCOM Systems says it's tackling the cable industry with the launch of its M4 Cable unit and M4 software. The mapping software maker says the new unit will focus on a complete, Windows-based, GPS-centric system and street map overlay for an OSS platform. The company produces automated mapping applications based on geographic positioning systems and geographical information systems.
Alcatel will supply gateways and its network management systems to China Telecom to expand the company's metro network in Xi'an in the Shaanxi Province. Alcatel did not disclose the amount, but noted it was "multimillion dollar." Under the deal, Alcatel will deploy its Lambda Gate system in four key sites, interconnecting the network, it says.
ANTEC Corp. completed its purchase of Arris Interactive LLC from Nortel Networks in a stock transaction, forming Arris Group Inc., a holding company that began trading today (NASDAQ: ARRS). Arris Group is now ANTEC's parent company, and ANTEC has changed its name to ARRIS, focusing on cable telephony "and Internet solutions as well as … hybrid fiber coax infrastructure products for voice,...
Seemingly miffed at Hughes Electronics Corp.'s refusal to discuss a sale, EchoStar Communications Corp.'s Charles Ergen dropped a note to parent General Motors' board with an unsolicited $30.4 billion bid for the Hughes unit. The tax-free, all-stock transaction would create an entity poised to compete with the swiftly merging cable industry, said Ergen, EchoStar chair and CEO.
Hughes Network Systems launched a trio of products and services, including surround sound in its set-top boxes. The company licensed TruSurround from SRS Labs Inc. and will include the surround sound feature in Hughes' Director Pack and Executive Director Pack services. Using TruSurround in its DirecTV set-top boxes allows virtual surround sound through the two speakers of any stereo TV set, SR...
Agilent Technologies Inc. and Corning Cable Systems will jointly market and support parallel-optics solutions with their other products, the two report. The companies' mutual customers will get access to Corning's passive optical technologies and Agilet's active parallel-optics modules. Parallel optics targets high-density interconnects for terabit switches and routers, server-to-server backpla...