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MCI Reports Profitable Third Quarter

MCI Inc. today reported its second profitable quarter in a row, helped by new product launches and cost-reduction strategies. The long-distance carrier, which is set to merge with Verizon Communications Inc., had third-quarter net income of $271 million, or 82 cents per share. The increase came after losses of $3.4 billion a year earlier, when […]

Reports: Google, Comcast Want to Buy Part of AOL

Media reports on Thursday said Google Inc. and cable company Comcast Corp. want to buy a minority stake in America Online, which is owned by Time Warner Inc. Microsoft Corp. also reportedly is in talks to buy part of AOL. If Google and Comcast are successful, it would mean Comcast could offer AOL content to […]

Former Qwest CFO Charged with Insider Trading

Robin Szeliga, the former CFO of Qwest Communications International Inc., has been charged with one count of insider trading, federal prosecutors announced Thursday. Prosecutors allege Szeliga had information about her employers true operating performance and financial condition that was not disclosed to the public when she sold 10,000 shares of Qwest common stock, netting a […]

Media Reports: MCI Shareholders Withhold Votes

MCI Inc. shareholders on Monday reelected nine board members, including CEO Michael Capellas at the companys annual meeting, but some shareholders expressed their disapproval of a takeover bid by Verizon Communications Inc. by withholding their votes, according to national media reports. Shareholders withdrew 28 percent of their votes from Capellas, and investors holding 78 million […]

Qwest Posts Profit on Wireless Sale

Qwest Communications International Inc. on Tuesday reported a profit after realizing a gain on the sale of wireless assets. The company reported earnings of $57 million, or net income per diluted share of 3 cents, compared to a loss of $310 million in the quarter a year ago. Revenue declined year-over-year from $3.48 billion to […]

News Report: FCC to Propose 911 Obligations for Internet Providers

FCC Chairman Kevin Martin on Tuesday said he would propose requiring Internet-based phone providers to deliver emergency 911 services, Reuters reported. After discussing the issue during a House subcommittee hearing, Martin told reporters he planned to offer a proposal to the other FCC commissioners so they could vote on the item in May, the news […]

Enron Broadband Trial Imminent

Five former Enron executives who worked at the defunct broadband services unit are set to go to trial on a range of charges levied by the Department of Justice. The search for a jury began Monday, the Houston Chronicle reported. Executives from Enron Broadband Services Inc. (EBS) are accused of 170 counts of conspiracy, wire […]

WSJ: Comcast, Time Warner Reach Tentative Deal to Acquire Adelphia

Creditors for three cable companies have reached an agreement in principle that would allow Comcast Corp. and Time Warner Inc. to purchase bankrupt Adelphia Communications Corp. in a cash and stock pact valued at approximately $17.6 billion, the Wall Street Journal reported Friday. The agreement calls for Comcast and Time Warner to shell out $12 […]

AP: Qwest Raises Offer for MCI

Qwest Communications International Inc. on Thursday raised its offer for MCI Inc. to $8.94 billion in a bidding war with Verizon Communications Inc., the Associated Press reported. Qwest CEO Richard Notebaert set a deadline of midnight April 5 for MCIs board of directors to respond to the offer before it would be withdrawn, the Wall […]

Qwest Hires Firm in Fight for MCI

Qwest Communications International Inc. is not giving up in the fight with Verizon Communications Inc. to acquire MCI. Qwest has hired the Altman Group, a proxy solicitation firm, in a sign the regional phone company could ask MCIs shareholders to vote on Qwests offer as an alternative to the deal MCI has reached with Verizon, […]

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