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BUSINESS
May 4, 2004
* Drug maker Schering-Plough Corp., whose Medicaid billing is being probed by 10 states, agreed to pay Texas $27 million to settle an investigation into reimbursements for asthma inhalers. * RCN Corp., a cable company whose investors include billionaire Paul Allen, said it expected to file for bankruptcy protection as part of a plan to restructure its debt.
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BUSINESS
May 28, 2004 | From Associated Press
RCN Corp., a telecommunications upstart that packages phone, Internet and cable service but has been shedding assets and employees, filed for Chapter 11 bankruptcy protection and said it had support from creditors for a restructuring plan. The company's troubles stem from poor timing and its expensive decision to challenge telecom and cable giants such as Verizon Communications Inc. and Comcast Corp. by building its own network. The Princeton, N.J.-based company said the filing, in U.S.
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BUSINESS
May 28, 2004 | From Associated Press
RCN Corp., a telecommunications upstart that packages phone, Internet and cable service but has been shedding assets and employees, filed for Chapter 11 bankruptcy protection and said it had support from creditors for a restructuring plan. The company's troubles stem from poor timing and its expensive decision to challenge telecom and cable giants such as Verizon Communications Inc. and Comcast Corp. by building its own network. The Princeton, N.J.-based company said the filing, in U.S.
BUSINESS
May 4, 2004
* Drug maker Schering-Plough Corp., whose Medicaid billing is being probed by 10 states, agreed to pay Texas $27 million to settle an investigation into reimbursements for asthma inhalers. * RCN Corp., a cable company whose investors include billionaire Paul Allen, said it expected to file for bankruptcy protection as part of a plan to restructure its debt.
BUSINESS
August 8, 2002 | Bloomberg News
RCN Corp. said its second-quarter loss widened as the provider of cable TV, telephone and Internet services backed by billionaire Paul Allen had $892.3 million in asset impairment and other costs. Shares in the company fell 10%. The net loss widened to $1.05 billion, or $10.46 a share, from $676.9 million, or $7.38, a year earlier. Per-share amounts reflect the payment of preferred dividends. Sales rose 15% to $128 million from $111 million. RCN shares fell 14 cents to $1.25 in Nasdaq trading.
BUSINESS
December 14, 1999 | Reuters
RCN Corp., which provides Internet, phone and cable services on the East and West coasts, pushed into the Midwest as it agreed to acquire closely held 21st Century Telecom Group Inc. of Chicago for about $260 million in stock. The deal will extend the reach of RCN's fiber-optic networks to 3.1 million Chicago-area homes. Under the deal, 21st Century shareholders will receive about 4.7 million RCN shares and an offer to exchange 21st Century preferred stock for 62 million RCN shares.
BUSINESS
January 6, 2000 | JEFF LEEDS, TIMES STAFF WRITER
RCN Corp., which is building a fiber-optic network to compete with phone companies, cable operators and Internet service providers, said Wednesday that it has entered into a deal to use Southern California Edison's existing fiber-optic lines to speed its entry into Southern California.
BUSINESS
December 15, 1999 | SALLIE HOFMEISTER, TIMES STAFF WRITER
Signaling new competition that could translate into lower prices for consumers, RCN Corp. is negotiating with the city of Los Angeles for the right to build a high-capacity fiber-optic network to compete against cable operators, phone companies and Internet service providers, the company said Tuesday. The network is the most ambitious proposal yet in Southern California for duplicating cable's residential telecommunications system--and would be a first for Los Angeles.
BUSINESS
February 17, 2000 | From Bloomberg News
Paul Allen's Vulcan Ventures Inc. acquired the Sporting News from Times Mirror Co., adding the sports magazine and its Web site to the company's expanding cluster of media properties. The Sporting News, founded in 1886, is the nation's oldest sports publication. The weekly magazine, which also publishes sports-related books and seasonal preview magazines, will continue to be based in St. Louis. Terms of the sale weren't disclosed. Vulcan Ventures, Allen's Bellevue, Wash.
BUSINESS
August 8, 2002 | Bloomberg News
RCN Corp. said its second-quarter loss widened as the provider of cable TV, telephone and Internet services backed by billionaire Paul Allen had $892.3 million in asset impairment and other costs. Shares in the company fell 10%. The net loss widened to $1.05 billion, or $10.46 a share, from $676.9 million, or $7.38, a year earlier. Per-share amounts reflect the payment of preferred dividends. Sales rose 15% to $128 million from $111 million. RCN shares fell 14 cents to $1.25 in Nasdaq trading.
BUSINESS
January 6, 2000 | JEFF LEEDS, TIMES STAFF WRITER
RCN Corp., which is building a fiber-optic network to compete with phone companies, cable operators and Internet service providers, said Wednesday that it has entered into a deal to use Southern California Edison's existing fiber-optic lines to speed its entry into Southern California.
BUSINESS
December 15, 1999 | SALLIE HOFMEISTER, TIMES STAFF WRITER
Signaling new competition that could translate into lower prices for consumers, RCN Corp. is negotiating with the city of Los Angeles for the right to build a high-capacity fiber-optic network to compete against cable operators, phone companies and Internet service providers, the company said Tuesday. The network is the most ambitious proposal yet in Southern California for duplicating cable's residential telecommunications system--and would be a first for Los Angeles.
BUSINESS
December 14, 1999 | Reuters
RCN Corp., which provides Internet, phone and cable services on the East and West coasts, pushed into the Midwest as it agreed to acquire closely held 21st Century Telecom Group Inc. of Chicago for about $260 million in stock. The deal will extend the reach of RCN's fiber-optic networks to 3.1 million Chicago-area homes. Under the deal, 21st Century shareholders will receive about 4.7 million RCN shares and an offer to exchange 21st Century preferred stock for 62 million RCN shares.
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