MERGERS & ACQUISITIONS
MCI Shareholders to Vote on Verizon Takeover
MCI shareholders can vote on Verizon Communications' $8.46 billion takeover of the company at a meeting scheduled for Oct. 6. The vote will be the first major step toward completing the transaction, which also requires the approval of the Justice Department, the Federal Communications Commission, 12 states and the District of Columbia. Shareholders of record as of Aug. 30 can vote via the Internet, by telephone, by mail or at the meeting to be held at MCI's Ashburn headquarters.
PayPal Cuts Fees
On Small Transactions
EBay's PayPal online payment service cut processing fees for merchants on inexpensive digital items such as telephone ring tones or music downloads. The new fees enable merchants to process payments under $2 at 5 percent plus 5 cents per transaction. EBay is trying to spur sales by making PayPal less expensive.
Sprint Nextel Matches Verizon Wireless Offer
Sprint Nextel, the third-largest U.S. mobile-phone service company, will cut Internet access prices to $59.99 a month to match an offer that larger rival Verizon Wireless made for its fast Web service. Reston-based Sprint Nextel will also give laptop users free adapter cards. Verizon Wireless, the No. 2 U.S. wireless carrier, cut its price earlier this week from $79.99 for unlimited access.
Google Sells Ads in Print Publications
Google, which sells more than $1 billion in Internet ads each quarter, is now offering its clients ad space in print publications. This month it bought ad pages in magazines such as PC Magazine and then resold that space to clients. Google is conducting a "limited test" in the United States, a company spokesman said.
Trade Group Sues 754 People Over Downloads
The Recording Industry Association of America filed lawsuits against 754 more people it accuses of illegal downloading of copyrighted music over the Internet. The lawsuits, against unnamed individuals, were filed in seven states and the District. The downloads were distributed through peer-to-peer services such as Grokster, Kazaa and LimeWire, the RIAA said.
Compiled from staff and news service reports.