August 31, 2004 |
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.
December 25, 2002 |
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.
November 27, 2002 |
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.
July 25, 2002 |
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.
April 24, 2002 |
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.
June 27, 2001 |
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.