Matt Carolan

Struggling telecommunications company Global Crossing announced Monday that it will sell its IPC Trading Systems unit to an investment group led by Goldman Sachs Capital Partners 2000 for $360 million in cash. Originally acquired in June 2000 by Global Crossing as part of the acquisition of IXNet, IPC Trading Systems provides desktop trading systems to […]

Tellabs today announced that it is laying off 1,000 people worldwide and closing two facilities in the United States. Citing the continuing doldrums in spending by communications carriers, Tellabs said it will close its manufacturing facility in Round Rock, Texas, and a research and development facility in Plymouth, Minn., and that overall 800 employees in […]

The downturn in the IT market has taken its toll on Novell. The Net services software maker announced today that it is cutting its workforce by approximately 1400 positions, or 19 percent. Novell also announced a pre-tax restructuring charge of approximately $55 million, most of it taken in the companys fiscal fourth quarter, which ended […]

Yahoo! said on Thursday that it will cut 400 jobs, or 13 percent of its workforce in a company reorganization that will also include reducing the number of business units from 44 to six, according to published reports. Yahoo! executives, speaking at the companys “analyst day,” described the moves as an attempt to make Yahoo! […]

SBC Communications and Yahoo! on Wednesday announced an alliance to provide co-branded broadband access to consumers in SBCs 13-state region, and dial-up service nationwide. New customers to the service, scheduled to roll out in 2002, will receive a special version of Yahoo! that will include WebCam functionality, multi-player games, enhanced parental controls and additional storage […]

Verizon Wireless will offer its initial public stock offering sometime before the middle of next year. Today Verizon Wireless filed an updated registration statement notifying the Securities and Exchange Commission of its intentions regarding the IPO. Verizon originally filed with the SEC in August of 2000, but held back on the IPO at that time […]

Microsoft Corp.s long-running antitrust battle with the federal government may soon be over. According to published reports, the software giant is close to a settlement with the Department of Justice. Details of the agreement are sketchy, but The Wall Street Journal and The New York Times report the preliminary agreement calls for a consent decree […]

Napster, the controversial online music service, has reached a settlement in principle in the class-action suit launched against it by music publishers and songwriters. In a news conference held late Monday, key executives on both sides of the dispute announced an agreement for songwriters and music publishers to license their music to Napster. The deal […]

Citing a “continuing decline in the advertising market” and “additional expenses incurred by its news-gathering operations, as well as costs in its various businesses associated with the aftermath of the terrorist attacks,” America Online on Monday forecast lower earnings for the coming year. AOL said it expects to “achieve full-year 2001 EBITDA growth in the […]

In the wake of the terrorist attacks that struck New York City, Internet World Fall 2001, scheduled for Manhattans Jacob Javits Center, has been postponed. The popular trade show was originally scheduled to run from October 1 – 5. It will now run from December 10 – 14. By moving Internet World Fall 2001 to […]

New Yorkers are jamming payphones on the streets of Manhattan in an effort to reach loved ones in the wake of a terrorist attack that has left cell phone networks crippled. Local media outlets are broadcasting images of dozens of people lining up on the streets of lower Manhattan, the area in which the World […]