Metromedia Fiber Networks Inc.'s contingency-heavy commitment from Citicorp ran out today with no resolution on the hoped-for financing. The company also reported a second-quarter net loss of $205 million, or 34 cents a share, although its $91.7 million in revenue exceeded its guidance. MFN on Aug. 1 had announced a two-week extension on a commitment letter from Citicorp, which would ensure $62.
Texas Instruments launched one strategic alliance and expanded another. LightPointe will use TI's analog micro electro-mechanical system and digital signal processing technology in its Flight free-space-optics products. LightPointe says it's using the optical technology to develop a next-generation tracking system for customers' high-speed networks.
A Novo Broadband Inc. agreed to buy Broadband Services Inc.'s repair business for about $8 million, expecting the deal to generate $10 million in revenue by the end of FY 2002. The company also showed a third-quarter net loss of $613,542 on revenue of $3 million. A Novo says it will pay $8 million in cash and assumed liabilities for BSI, resulting in $10 million in incremental broadband equipme...
Cable operators picked up an extra 920,000 cable modem subscribers during the second quarter, or more than 70,000 a month, bringing the U.S. total to 5.5 million. And don't be dissing that number, pollsters say. It's not bad for four-year growth. The National Cable & Telecommunications Association surveyed its members and says the industry showed solid increases in deployment of broadband s...
Covad Communications Group Inc. signed a memorandum of understanding with lead plaintiffs in a securities class action lawsuit filed in a California federal court. The DSL provider says it will contribute to a settlement fund shares equal to 3.5 percent of its fully diluted common stock as of Aug. 10.
Narad Networks Inc. took on the DSL world with a new chip set that it says allows 1,000 times the capacity of DSL over existing HFC infrastructures, it announced today. The Ultra Broadband Modem chip set enables full-duplex gigabit Ethernet transmission on the coaxial part of the HFC plant by using spectrum in the plant between 860 MHz and 2 GHz.
Scientific-Atlanta's WebStar DPX110 cable modem landed ExciteAtHome's AtHome Level 2 approval, confirming the modem's integration, interoperability and provisioning in Excite's DOCSIS network environment, S-A says. The modem is CableLabs certified, as well, S-A says, and is compatible with DOCSIS, Euro-DOCSIS and CE standards.
That's pretty bad. No, that's really bad. Cable companies are "their own worst enemies," and landed the lowest ratings of any service provider ever rated — "even lower than those for technical support from computer manufacturers," Consumer Reports magazine says. The magazine conducted a survey of satellite, cable and digital cable customers, in part to determine satisfaction levels, and f...
Internet via cable modem jumped 57 percent in the second half of 2000, with a total 3.6 million connections, a Federal Communications Commission study says. Full-year growth reached 152 percent. By contrast, ADSL reached 2 million connections in the second half, a solid 108 percent growth for those six months.
Korea Thrunet Co. Ltd. says it intends to bid on Korea Electric Power Corp.'s 30 percent stake in Powercomm. KEPCO, which owns 89.5 percent of Powercomm, plans to sell the stake in a single block and transfer management control to the buyer. The buyer also will get an option to pick up an additional 5 percent in shares as part of the deal.
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...