Warren Buffett's Berkshire Hathaway Inc. has sold more than 90% of its stake in Level 3 Communications, according to an SEC filing. Analysts say Buffett's investment in the company gave it cash to acquire rival Genuity and helped it gain credibility among lenders.
Level 3 had sought the authority to condemn as a "last resort" private property on which it mistakenly buried fiber optic cables, but Virginia has ruled that the company may not do so. The ruling may require the company to broker deals with landowners in the state.
Liberty Media Corp might spin off its overseas investments into a new company to help finance acquisitions, said COO Gary Howard. He also said the new company would be attractive to "shareholders who want to participate in a more leveraged return."
Marketers are jumping on the wireless text message bandwagon and some have said it could be the future not only for wireless, but terra nova for marketing as well. Marketers have taken notice of the millions of viewers who text messaged their votes and swayed the results for "American Idol."