You will be redirected back to your article in seconds

Bankrupt iBeam inks pact with Williams

Communications Group to acquire almost all assets for $25 mil

HOLLYWOOD — IBeam Broadcasting, a provider of Internet streaming services, filed for bankruptcy Thursday and signed a deal for broadband provider Williams Communications Group to acquire nearly all of its assets for $25 million.

Williams will provide Sunnyvale, Calif.-based iBeam a bridge loan to keep operating; deal is subject to approval by the U.S. Bankruptcy Court. iBeam filed for Chapter 11 protection in Delaware.

The loan will allow iBeam to continue supporting customers, and Williams will take most outstanding contracts.

Williams accepted iBeam convertible preferred stock representing about 49% of the company in a June 25 deal for $20 million in cash and $10 million in services.

Upon completion of the proposed purchase, Williams plans to integrate iBeam’s streaming and Webcasting businesses into its Vyvx Broadband Media unit, which provides integrated transmission and broadband media services including fiber-optic and satellite transmission, digital media management, content gathering and distribution, as well as managed Web hosting and streaming.

IBeam’s clients include AtomShockwave, BBC Online, CBS Sportsline.com, CNBC, MTVi and Launch.com.

Ibeam, which once traded at a 52-week-high of $83, halted trading on Thursday at 29¢.

More Digital

  • Inside Out Best Animated Film Oscar

    A Team of MIT Scientists Taught an AI to Get Emotional Over Movies

    HOLLYWOOD — IBeam Broadcasting, a provider of Internet streaming services, filed for bankruptcy Thursday and signed a deal for broadband provider Williams Communications Group to acquire nearly all of its assets for $25 million. Williams will provide Sunnyvale, Calif.-based iBeam a bridge loan to keep operating; deal is subject to approval by the U.S. Bankruptcy […]

  • Abu Dhabi skyline seen from the

    Image Nation Abu Dhabi, U.K. Studio Alchemy VR Team for Immersive Content

    HOLLYWOOD — IBeam Broadcasting, a provider of Internet streaming services, filed for bankruptcy Thursday and signed a deal for broadband provider Williams Communications Group to acquire nearly all of its assets for $25 million. Williams will provide Sunnyvale, Calif.-based iBeam a bridge loan to keep operating; deal is subject to approval by the U.S. Bankruptcy […]

  • David Spiegel - Inverse

    Media Startup Inverse Hires David Spiegel, Ex-CNN and BuzzFeed Sales Exec

    HOLLYWOOD — IBeam Broadcasting, a provider of Internet streaming services, filed for bankruptcy Thursday and signed a deal for broadband provider Williams Communications Group to acquire nearly all of its assets for $25 million. Williams will provide Sunnyvale, Calif.-based iBeam a bridge loan to keep operating; deal is subject to approval by the U.S. Bankruptcy […]

  • shazam

    Apple to Acquire Shazam for About $400 Million (Report)

    HOLLYWOOD — IBeam Broadcasting, a provider of Internet streaming services, filed for bankruptcy Thursday and signed a deal for broadband provider Williams Communications Group to acquire nearly all of its assets for $25 million. Williams will provide Sunnyvale, Calif.-based iBeam a bridge loan to keep operating; deal is subject to approval by the U.S. Bankruptcy […]

  • Google Home entryway

    Google Looking to Add Multi-Touch to Next-Gen Google Home Hardware (EXCLUSIVE)

    HOLLYWOOD — IBeam Broadcasting, a provider of Internet streaming services, filed for bankruptcy Thursday and signed a deal for broadband provider Williams Communications Group to acquire nearly all of its assets for $25 million. Williams will provide Sunnyvale, Calif.-based iBeam a bridge loan to keep operating; deal is subject to approval by the U.S. Bankruptcy […]

  • Trolls

    'Trolls' Leaps from TV to Top of DVD Sales Chart

    HOLLYWOOD — IBeam Broadcasting, a provider of Internet streaming services, filed for bankruptcy Thursday and signed a deal for broadband provider Williams Communications Group to acquire nearly all of its assets for $25 million. Williams will provide Sunnyvale, Calif.-based iBeam a bridge loan to keep operating; deal is subject to approval by the U.S. Bankruptcy […]

More From Our Brands

Access exclusive content