Time Warner Telecom to Buy Xspedius and AT&T Foundation provides $1.6 million1 August 2006
Telecommunications industry news provided by Financial News USA (OTC: FNWU). Telecommunications service provider Time Warner Telecom Inc. (Nasdaq:TWTC) said Friday it will buy Xspedius Communications LLC, a privately held integrated communications services provider, for $531.5 million in cash and stock. Under terms of the deal, Time Warner Telecom will pay $212.5 million in cash and $319 million in shares of its Class A common stock. The company sees Xspedius' stand-alone operations generating $230 million to $250 million in revenue in 2006, along with net income before certain charges of $40 million to $50 million. Ipswich has become the 12th town in Massachusetts to grant Verizon Communications Inc. (NYSE:VZ) a television franchise using the company's fiber-optic lines. Verizon, in a bid to lure customers from cable providers Comcast Corp. and RCN Corp., is negotiating with 50 other Massachusetts towns for franchises. It currently offers television service in Burlington, Lynnfield, North Reading, Reading, Winchester and Woburn, and has gotten the green light in Hamilton, Stoneham, Tewksbury, Wakefield and Wenham.
The AT&T Foundation (NYSE:T) has awarded a $1.6 million grant to the National Urban League to support technology career development opportunities for African-Americans. The grant will be used to launch five new Digital Career Academies as well as to expand offerings at 11 other existing academies across the country. The Digital Career Academies program was developed in 2004 with a $1.1 grant from the AT&T Foundation. Buzz Technologies, Inc. (OTC: BZTG) provides shareholders a financial update for the period ending June 2006. Buzz Technologies is now reviewing a number of options in relation to becoming fully reporting; this process given the number of logistical and language issues will not be fast. Management is pleased with the increase in revenue and profits; this quarter has been the first full quarter fully focused on the business without having to deal with take over issues relevant to Affordable Telecommunications.
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