Time Warner Dumping Its Clearwire Stake
Time Warner today announced that it plans to sell its entire 7.8% stake in Clearwire, the beleaguered WiMax provider. Time Warner invested in Clearwire with other tech companies, such as Google and Intel, in 2008. Clearwire struggled to gain subscribers and has since launched an effort to convert to LTE 4G. Time Warner's original investment was worth $550 million. At today's market prices, it will get back only $73.3 million. Time Warner notified its fellow investors, as well as the Securities and Exchange Commission. Google sold off its stake earlier this year at a $443 million loss, and Intel wrote down the value of its 7.3% investment. Sprint remains the largest shareholder Clearwire.
AT&T to Buy Time Warner for $85.4 Billion
AT&T has agreed to purchase Time Warner for $85.4 billion in a stock-and-cash deal that will merge AT&T's delivery networks with Time Warner's vast catalog of content. AT&T believes the combined companies will be able to save $1 billion per year once fully merged.
Google Lets Android Users Merge iTunes, Google Movie Libraries Into One
Google today announced a new service called Movies Anywhere, which allows people to bring together their movie collections from Amazon, Google Play, iTunes, and Vudu into a single library that can be accessed from any device. Google is launching Movies Anywhere in the U.S.
DOJ Sues to Halt AT&T/Time Warner Merger
The U.S. Department of Justice has sued to stop the proposed merger between AT&T and Time Warner.
Sprint Takes a 33% Stake In Music Service Tidal
Sprint today said it has acquired a 33% stake in Tidal, a music and entertainment platform. Sprint plans to make Tidal's service available to its 45 million retail customers.