New Chair
Time Warner Telecom CEO Larissa Herda has been named to the additional post of chairman. She replaces Glenn Britt, who will remain on the board.
Shocking Loss
After delaying filing of its annual report by two months and restating earnings for the first three quarters of 2000, troubled DSL service provider Covad Communications reported a $1.44 billion loss for the year, on sales of $158.7 million. The company also warned that unless it is able to drum up additional financing, it is likely to follow NorthPoint Communications and Jato Communications into oblivion. At the end of the first quarter, Covad had about 319,000 DSLs installed, compared with 303,000 for BellSouth and 954,000 for market leader SBC Communications.
Same Song
Liberty Media and UnitedGlobalCom have changed the terms of their merger again. Liberty now will pay $1.4 billion in cash and assets for 60 million shares, or about $16.18 per share, for a 44 percent stake in the merged company. The companies closed on the first half of the deal last week, with Liberty providing an $860 million cash loan to UnitedGlobalCom.
Yell Sale
British Telecommunications will sell its international directories business, Yell Group, to a joint venture owned by Apax Partners & Co. Ventures and Hicks, Muse, Tate & Furst for $3.04 billion. The sale, part of BTs plan to regroup and cut debt, should close by the end of June.
Line Dead
International network operator New Global Telecom has filed for Chapter 11 bankruptcy protection. The company blamed its financial failure on customer nonpayment.