XO Sells Everything But Some Spectrum
Well, it's not like they had much to lose at this point, but XO is trying to get back into the game by shedding... well... just about everything, and trying again as a wireless broadband provider. The company has shipped off the old wireline business and the XO name to another company owned by Carl Icahn (the controlling shareholder of XO). So, basically, XO is ditching its debt by selling everything to their controlling shareholder and using the cash to pay off the remaining debt. The only thing the "old" company is hanging onto is the LMDS spectrum that it owns... and (oh yeah) $300 million above and beyond the debt to invest in that spectrum and build up a wireless broadband business under an as yet unannounced new name. Well, at least they're trying something.
Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.
Techdirt is one of the few remaining truly independent media outlets. We do not have a giant corporation behind us, and we rely heavily on our community to support us, in an age when advertisers are increasingly uninterested in sponsoring small, independent sites — especially a site like ours that is unwilling to pull punches in its reporting and analysis.
While other websites have resorted to paywalls, registration requirements, and increasingly annoying/intrusive advertising, we have always kept Techdirt open and available to anyone. But in order to continue doing so, we need your support. We offer a variety of ways for our readers to support us, from direct donations to special subscriptions and cool merchandise — and every little bit helps. Thank you.
–The Techdirt Team
Filed Under: spectrum
