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Broadband Briefs for 8/22/08

Fri, 08/22/2008 - 8:00am

WSJ: Harbinger ups stake in Cablevision 
By Traci Patterson

According to The Wall Street Journal, Harbinger Capital Management has upped its stake in Cablevision to 18.95 million shares, which represents 8.1 percent of Cablevision Class A shares.

Harbinger, which is Cablevision’s fifth-largest investor, grabbed a 4.9 percent stake in the company during the second quarter of 2008.

Analysts said that Harbinger increasing its bet in Cablevision signals that it intends to try to force the cable operator to pay more attention to its investors, the Journal reported. Cablevision has been criticized in the past for not being receptive to shareholder interests.

Clearwire issuing JV shares for company shares
By Traci Patterson

Clearwire said that it will issue its shareholders approximately $1.62 billion worth of shares – an estimate based on Wednesday’s share price – in its wireless joint venture (JV) with Sprint Nextel in exchange for their existing Clearwire shares, Reuters reported.

The deal is expected to close in the fourth quarter; but if it falls through, Clearwire has agreed to pay Sprint a termination fee of $60 million, Reuters reported.

Comcast, Time Warner Cable, Bright House Networks, Intel and Google have already announced that they will invest a combined $3.2 billion in the JV. In June, Clearwire forecasted revenue of more than $17.5 billion for the JV by 2017.

More Broadband Direct:

• Orduna heads to Canoe Ventures as CTO

• ACC responds to FCC's must-carry decision

• FCC proposes clearing 700 MHz band for Google

• Concurrent posts 2008 profit

• Symmetricom posts $13.6M fourth-quarter loss

• SCTE offering seminars to prepare industry for DTV transition

• Broadband Briefs for 8/22/08

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