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BUSINESS
November 27, 2002 | From Bloomberg News
Genuity Inc., a data-network operator that defaulted on $3 billion in loans, will seek bankruptcy protection and plans to sell most of its assets to Level 3 Communications Inc. for $240 million, people familiar with the matter said. Genuity was unable to pay interest on $3.15 billion in loans after Verizon Communications Inc. opted not to buy back a stake in August. An announcement is expected this week, the people said. Broomfield, Colo.-based Level 3 fell 6 cents to $5.19.
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BUSINESS
December 27, 2006 | From Bloomberg News
Level 3 Communications Inc., an unprofitable phone and data-network operator, agreed Tuesday to buy an Internet services business of Savvis Inc. for $135 million. The Savvis unit, which is based in Thousand Oaks, brought in sales of about $15 million in the nine months ended Sept. 30, Broomfield, Colo.-based Level 3 said. The purchase is Level 3's seventh in the last year. The company is increasing the services offered over its fiber optic network.
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BUSINESS
August 31, 2004 | From Bloomberg News
Charter Communications Inc., the fourth-largest U.S. cable television operator, will sell phone services with Level 3 Communications Inc. and Sprint Corp. to keep customers from switching to satellite TV competitors. Sprint and Level 3 will help transmit calls placed by Charter's subscribers, St. Louis-based Charter said. The agreements will help Charter, whose cable systems can reach 12 million homes, expand into phone service more quickly and at a lower cost, the company said.
BUSINESS
May 2, 2006 | From Bloomberg News
Level 3 Communications Inc. agreed to buy closely held TelCove Inc. for $1.1 billion to tap surging use of fiber-optic telephone and data networks in the Eastern U.S. The price includes $637 million in stock and $445 million in cash, Broomfield, Colo.-based Level 3 said. The company would assume $155.5 million in debt. TelCove has lines in markets such as Washington and New York, helping Level 3 compete for customers with rivals such as Verizon Communications Inc.
BUSINESS
December 25, 2002 | From Associated Press
The Justice Department and Federal Trade Commission have approved Level 3 Communications Inc.'s proposed acquisition of Internet backbone company Genuity Inc., which is under bankruptcy protection. The approval was one of the closing conditions of the transaction, in which Broomfield, Colo.-based Level 3 will pay as much as $242 million in cash and assume much of Genuity's long-term operating agreements. Genuity would operate as a separate business, still based in Woburn, Mass.
BUSINESS
May 2, 2006 | From Bloomberg News
Level 3 Communications Inc. agreed to buy closely held TelCove Inc. for $1.1 billion to tap surging use of fiber-optic telephone and data networks in the Eastern U.S. The price includes $637 million in stock and $445 million in cash, Broomfield, Colo.-based Level 3 said. The company would assume $155.5 million in debt. TelCove has lines in markets such as Washington and New York, helping Level 3 compete for customers with rivals such as Verizon Communications Inc.
BUSINESS
July 21, 1998 | Bloomberg News
Level 3 Communications Inc. of Omaha agreed to sell capacity on its nationwide fiber-optic network to Nextel Communications Inc. and other affiliates of entrepreneur Craig McCaw for $700 million. The investment will help Level 3 pay for the $2.2-billion, 15,000-mile network, which it plans to have operating by 2001. Level 3 also declared a 2-for-1 split of its shares, whose price has more than doubled this year.
BUSINESS
June 27, 2001 | Bloomberg News
Level 3 Communications Inc. said its high-speed network will carry traffic for six Microsoft Corp. Internet services for the next three years. Financial terms weren't disclosed. MSN Hotmail, a free e-mail service, and the MSN Messenger instant-message product are among Microsoft services to be carried on Level 3's fiber-optic network in North America, said David Samuels, Level 3 senior director for global IP services.
BUSINESS
December 27, 2006 | From Bloomberg News
Level 3 Communications Inc., an unprofitable phone and data-network operator, agreed Tuesday to buy an Internet services business of Savvis Inc. for $135 million. The Savvis unit, which is based in Thousand Oaks, brought in sales of about $15 million in the nine months ended Sept. 30, Broomfield, Colo.-based Level 3 said. The purchase is Level 3's seventh in the last year. The company is increasing the services offered over its fiber optic network.
BUSINESS
April 24, 2002 | CHRISTINE FREY, TIMES STAFF WRITER
Verizon Communications Inc., the largest local-telephone company, posted a first-quarter loss after one-time write-offs and adjusted its 2002 forecast, saying it does not expect a U.S. economic turnaround until next year. The company reported a loss of $501 million, or 18 cents a share, on revenue of $16.4 billion, down from net income of $1.57 billion, or 58 cents a share, on revenue of $16.3billion a year earlier. Excluding one-time write-offs, operating profit was flat at 72 cents a share.
BUSINESS
July 15, 2005
Defense contractor L-3 Communications Holdings Inc. said its plan to buy Titan Corp. for about $1.97 billion cleared a U.S. antitrust review.
BUSINESS
August 31, 2004 | From Bloomberg News
Charter Communications Inc., the fourth-largest U.S. cable television operator, will sell phone services with Level 3 Communications Inc. and Sprint Corp. to keep customers from switching to satellite TV competitors. Sprint and Level 3 will help transmit calls placed by Charter's subscribers, St. Louis-based Charter said. The agreements will help Charter, whose cable systems can reach 12 million homes, expand into phone service more quickly and at a lower cost, the company said.
BUSINESS
December 25, 2002 | From Associated Press
The Justice Department and Federal Trade Commission have approved Level 3 Communications Inc.'s proposed acquisition of Internet backbone company Genuity Inc., which is under bankruptcy protection. The approval was one of the closing conditions of the transaction, in which Broomfield, Colo.-based Level 3 will pay as much as $242 million in cash and assume much of Genuity's long-term operating agreements. Genuity would operate as a separate business, still based in Woburn, Mass.
BUSINESS
November 27, 2002 | From Bloomberg News
Genuity Inc., a data-network operator that defaulted on $3 billion in loans, will seek bankruptcy protection and plans to sell most of its assets to Level 3 Communications Inc. for $240 million, people familiar with the matter said. Genuity was unable to pay interest on $3.15 billion in loans after Verizon Communications Inc. opted not to buy back a stake in August. An announcement is expected this week, the people said. Broomfield, Colo.-based Level 3 fell 6 cents to $5.19.
BUSINESS
July 25, 2002 | JON HEALEY, TIMES STAFF WRITER
Hoping to buy a competitor at a deep discount, upstart long-distance company Level 3 Communications Inc. is bidding for rival network operator Williams Communications Group, which is about to emerge from bankruptcy protection. The move comes only two weeks after Level 3, based in Broomfield, Colo., raised $500 million from private investors, including Warren Buffett's Berkshire Hathaway Inc., to fund acquisitions.
BUSINESS
April 24, 2002 | CHRISTINE FREY, TIMES STAFF WRITER
Verizon Communications Inc., the largest local-telephone company, posted a first-quarter loss after one-time write-offs and adjusted its 2002 forecast, saying it does not expect a U.S. economic turnaround until next year. The company reported a loss of $501 million, or 18 cents a share, on revenue of $16.4 billion, down from net income of $1.57 billion, or 58 cents a share, on revenue of $16.3billion a year earlier. Excluding one-time write-offs, operating profit was flat at 72 cents a share.
BUSINESS
July 25, 2002 | JON HEALEY, TIMES STAFF WRITER
Hoping to buy a competitor at a deep discount, upstart long-distance company Level 3 Communications Inc. is bidding for rival network operator Williams Communications Group, which is about to emerge from bankruptcy protection. The move comes only two weeks after Level 3, based in Broomfield, Colo., raised $500 million from private investors, including Warren Buffett's Berkshire Hathaway Inc., to fund acquisitions.
BUSINESS
August 13, 1998 | From Bloomberg News
Federated Department Stores Inc., Nordstrom Inc. and Dillard's Inc., three leading department store operators, reported better-than-expected second-quarter earnings Wednesday, benefiting from cost-cutting and strong sales. Specialty retailer Intimate Brands Inc., which sells Victoria's Secret lingerie, also said its profit rose slightly more than expected.
BUSINESS
June 27, 2001 | Bloomberg News
Level 3 Communications Inc. said its high-speed network will carry traffic for six Microsoft Corp. Internet services for the next three years. Financial terms weren't disclosed. MSN Hotmail, a free e-mail service, and the MSN Messenger instant-message product are among Microsoft services to be carried on Level 3's fiber-optic network in North America, said David Samuels, Level 3 senior director for global IP services.
BUSINESS
June 19, 2001 | ALEX PHAM, TIMES STAFF WRITER
The carnage among telecommunications companies continued as Level 3 Communications Inc. on Monday announced deep layoffs and slashed its revenue projections for the next two years. The debt-laden provider of high-speed communications services said it will cut 1,400 positions, or about 27% of its work force. The move is expected to save the Broomfield, Colo., company $403 million by the end of 2003. Level 3 also forecast lower sales of $1.
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