Bussiness: Briefs

Cable World, March 20, 2000

INCENTIVES

AT&T shareholders approved an amendment to the company's 1997 Long-Term Incentive Program to allow incentive awards based on shares of the Wireless Group tracking stock.

ECHOSTAR Q4 RESULTS

EchoStar Communications Corp. said it had Q4 total revenues of $515M, up 79% on a year-over-year basis. The company reported Q4 pre-marketing cash flow of $164M and an operating loss of $161 M. EBITDA for Q4 was a negative $71M. EchoStar had 3.4M customers as of Dec. 31, 1999.

CDNOW DEAL CRATERS

Time Warner Inc. and Sony Corp. said plans for its jointly owned Columbia House mail order music business to buy CDNow Inc. had terminated. No reason was given. Time Warner and Sony agreed to commit $51M to CDNow, which is exploring other strategic options.

TERAYON BUYS IP ASSETS

Terayon Communications Systems Inc. has signed a definitive agreement to acquire "certain assets" of Internet Telecom, a private company that supplies PacketCable and other standards-based, voice-over-IP systems and technologies. The all-stock deal is worth around $40M.