Covad Communication broke out the champagne as it officially emerged from bankruptcy today, eliminated $1.4 billion in debt and announced it closed $150 million in deals with SBC Communications. The two moves were highly contingent on each other, and allow the company to forge ahead "basically debt-free" and well-funded, says President and CEO Charles Hoffman.
IDT Corp. confirmed it acquired substantially all of Winstar Communications' assets for $42.5 million via a bid in a bankruptcy court. The company will pay $30 million in cash and $12.5 million in IDT Class B common stock. IDT Chair Howard Jonas in a statement cited Winstar's $5 billion in assets and $200 million annual revenue for his "incredible deal.
Motorola Inc.'s streamlining plan promises to save $865 million next year but also entails cutting more than 42,000 jobs from its 150,000- person workforce that existed in August 2000. The company is notifying about 9,400 employees their jobs will end within a year. Most cuts will come from the semiconductor products unit, which has manufacturing plants that will be phased out during the next y...
RCN Corp. expanded its ResiLink product to the Morton Borough, Darby Township, Darby Borough, Clifton Heights and East Lansdowne suburbs of Philadelphia. Residents in those 'burbs will get their Internet, local phone and digital cable TV via RCN's fiber optic network. The first three started service this quarter; the others will start service in January.
Always in tune with a paperless membership, the Society of Cable Telecommunications Engineers says its approved cable telecommunications standards are now online at www.scte.org. SCTE's goal is to ensure standards are used by making them readily available. "The point of developing standards is to get everyone to use them," says VP of standards Steve Oksala.
Breaking an impasse on a lengthy proceeding, a Delaware bankruptcy court judge approved a $38 million bid for nearly all of Winstar's assets, from a new unit of IDT Corp. The bid crowded out a higher one submitted by Winstar founder William Rouhana, who had resigned from the company recently to allow him to bid.
Motorola Inc. will tack another $20 million on to the $60 million it loaned subsidiary Next Level Communications only months ago. The funds will go to working capital into the second quarter, a Next Level spokesman says. Under the deal, the 8-year-old Next Level will have until May 2003 to repay the $20 million, and Motorola will receive five-year warrants to buy 2.
Maybe it hasn't been hammered home yet, but now it's a little closer: The industry isn't exactly enduring the best of times. A new study says the pace of digital cable rollouts will fall next year, compared with 2001. A cable TV Q4 preview from Merrill Lynch says 2002's pace of rollouts will fall about 15 percent below 2001 levels.
ExciteAtHome will creep closer to its Feb. 28 demise when it shuts down its Excite U.K. portal Friday. The portal site recommends moving to lycos.co.uk, "who provide very similar services," the company says in a message to users. "This means that all Excite UK services will no longer be available," it reads.
With time to spare, OpenTV says it landed its 12th network operator customer for the year when it inked a deal with AlphaTV of Greece. The company had a goal to pursue one operator per month in 2001 and now serves a total of 50. Under the deal, AlphaTV will use OpenTV's iTV platform technology in its new satellite TV service, Alpha Digital.
Talk about feeling vindicated. A jury verdict found against Intel Corp.'s allegations that Broadcom infringed on its network and digital video chip patents. In the triple-play verdict, the jury also found Intel's networking patent invalid and said Broadcom wasn't bound by certain third-party licenses contracts Intel held with mutual customers, Broadcom's lead attorney says.
It's the beginning of the end. ExciteAtHome began the final phase of its demise as it laid off 400 workers Friday. The company will go out of business after Feb. 28, following fulfillment of $355 million in recent transition contracts with several ExciteAtHome cable affiliates. AtHome says about 900 employees will help with the transition services and "an orderly shutdown of the company between...
Can't quite quantify exactly how bad business was this year? The 2001 Bruised & Battered Brands Poll wants to help point out winners and losers in "what may be high-tech's biggest brand recession ever." The survey, conducted online by The Sausalito Group, and released today by brand marketing firm Liquid Agency, queried marketing execs at tech companies worldwide about industry brands and h...
On the heels of its deal to supply EchoStar with iTV content and Canal+ Technologies middleware, Vivendi Universal announced it will acquire the entertainment assets of USA Networks for $10.3 billion. Under the stock-and-cash deal, Vivendi Universal, parent of Canal+ Technologies, will own 93 percent of the resulting new company, dubbed Vivendi Universal Entertainment, comprised of Universal St...
Talk about waving a red flag at a bull — the U.S. Federal Communications Commission is asking if ILECs should be held to certain broadband services restrictions. FCC says it is taking comments on current regulations and restrictions on ILECs' broadband services. The FCC's move comes as the U.S.