Move over WorldCom, Qwest Communications International Inc. is joining the revenue restatement club. The communications giant said it plans to restate $950 million in revenue related to network capacity swaps. The $950 million was booked after Qwest's merger with US West in June 2000. Revenue related to the swaps will be restated from mid-2000 to the end of 2001.
Copyright 2002 Reed Elsevier Inc. Daily Variety…09/19/2002 From LexisNexis EchoStar Communications Corp.'s proposed $18.3-billion purchase of General Motors Corp.'s DirecTV would "at best" reduce competitors for subscription television from three competitors to two, the Justice Department's antitrust enforcement chief told a Senate committee.
People Power Unlimited President Cynthia D'Amour has been tapped to keynote the Society of Cable Telecommunications Engineers 2003 Chapter Leadership Conference (CLC) in February. D'Amour's address will center around the conference's theme, "Good to Great: Enhancing Your Leadership Potential." The CLC is designed as a forum for chapter leaders to get together and network.
Demand continues to wane in the telecom sector, forcing companies to make the hard decision to let some people go. The latest: Equipment manufacturers Alcatel and Ciena make cuts. Roughly 10,000 more Alcatel employees will receive their walking papers over the next 15 months. The French telecom gear maker said it is making the additional cuts to reach its previously announced goal of returning ...
3Com Corp.'s fiscal first quarter results offer a mixed bag. The good news: network gear market narrowed its year-over-year loss. The bad news: revenue plunged 22 percent. The company posted a loss of $32 million, or 9 cents a share, compared to a Q1 2002 loss of $232.4 million, or 65 cents a share. The ongoing slump in the telecom sector dragged down 3Com's quarterly revenue.
Looking to get its hands on some more bandwidth, IDT Corp.'s subsidiary IDT Telecom has snapped up certain Indefeasible Rights of Use and equipment from bankrupt Star Telecommunications. Star originally purchased the assets, which represent long-term capacity on U.S. nationwide fiber networks operated by Qwest and Broadwing, for $68 million in 1998.
Microsoft Corp. is throwing its arms around broadband home networking with the introduction of a product line that includes wired and wireless options. The software giant unveiled the products at the IDG Executive Forum DEMOmobile conference today. In all, Microsoft introduced 10 networking products, for wireless and wired home networks.
DirecTV is looking to haul NDS Limited into court again. The latest: the satellite provider has filed a lawsuit against NDS charging breach of contract, fraud and misappropriation of trade secrets, among other things. NDS plans to file counterclaims. The suit, filed under seal in the U.S. District Court in Lost Angeles Sept.
Since its debt-restructuring plan has failed to win 100 percent consensus from its bondholders, Knology Broadband Inc. has filed for Chapter 11 bankruptcy protection from its creditors under a prepackaged plan. The overbuilder plans to swap $444.1 million in 11.875 percent bonds due in 2007 for $193.
NextWeb Inc. is going shopping again. This time around, the fixed wireless network service provider has agreed to acquire the assets of bankrupt Worldwide Wireless Networks. NextWeb views the acquisition as an opportunity to expand its high-speed business Internet access service into more markets in the United States.
ICTV has secured its first HeadendWare customer: Access Communications. Access plans to deploy the interactive television software platform this fall in Canada using Motorola DCT 1000, DCT 2000 and DCT 2100 set-top boxes already in use by more than 80,000 subscribers in the Regina, Saskatchewan market.
Copyright 2002 Reed Elsevier Inc. Daily Variety…09/19/2002 From LexisNexis RealNetworks and AOL will announce today a deal to use Real's technology for the Internet giant's interactive and streaming-video advertising and for delivering entertainment, particularly through AOL's high-speed broadband service.
Cable modems continue to be the access mode of choice for broadband users in the residential and business sectors, but DSL is not too far behind, one analysis says. Roughly 58 percent of broadband customers in the United States get their access via a cable modem, according to research firm The Yankee Group.
Copyright 2002 The Hearst Corporation The Times Union (Albany, NY)…09/17/2002 Adelphia Communications Corp.'s former Chief Executive Officer John J. Rigas and three sons who were board members want to use the cable television company's insurance to help pay their legal bills. Rigas and his sons are asking a federal bankruptcy judge to lift a freeze on Adelphia assets and allow them to tap...
BroadbandPlus - The New Western Show will open up with a one-on-one interview with Comcast Corp. President Brian Roberts. Show organizers have yet to reveal what Roberts will be addressing or who will be firing off the questions. Roberts has been tapped to run the newly combined AT&T Comcast unit, once the merger is approved, which will most likely be before the exhibit hall opens for busin...