Williams Communications to buy iBEAM

Thursday, November 29th 2001, 12:00 am
By: News On 6

TULSA, Okla. (AP) _ Williams Communications has received bankruptcy court approval to buy the assets of Internet broadcast network iBEAM Broadcasting Corp., the Tulsa company announced Wednesday.

Under the terms of the purchase, Williams Communications will pay $25 million for equipment leases, customer contracts and intellectual property of the Sunnyvale, Calif.-based company.

Williams will also offer full-time positions to more than 200 iBEAM employees.

About $6 million of the amount will be used to repay a loan from Williams Communications to iBEAM on Oct. 11 to ensure uninterrupted operations during iBEAM bankruptcy proceedings in Delaware.

Williams Communications plans to integrate iBEAM's streaming and webcasting business into its Vyvx Broadband Media unit.