Viacom Accelerates Its Split-Up
Viacom said it expects to complete its plans to split into two companies by the end of this year, several months earlier than anticipated. Viacom originally disclosed in March that it planned to split itself into a company anchored by the CBS television network and one built around its cable networks, including MTV, in an effort to boost its long-struggling stock price.
E-Rate Program Not Run Well, Report Says
Lax oversight by federal regulators has contributed to the waste of millions of dollars in a program run by the Federal Communications Commission that aims to connect schools and libraries to the Internet, according to a congressional investigation. The $2.25 billion E-Rate program is ambitious and well intentioned, said the oversight subcommittee of the House Energy and Commerce Committee, but the FCC failed to conduct a comprehensive assessment of it or set performance goals.
Sprint Nextel Unit Sues Affiliate
Sprint Nextel sued its affiliate Nextel Partners demanding access to Nextel Partners' financial records and other documents. Shareholders of Kirkland, Wash.-based Nextel Partners are expected on Monday to trigger a provision requiring Sprint Nextel to buy the company.
Reston-based Sprint Nextel already owns a third of Nextel Partners, but the two are sharply divided on what the rest is worth.
Intel reported profit of $2 billion in the third quarter, up 5 percent from $1.91 billion in the comparable period a year earlier, but the chipmaker missed analysts' expectations by a penny a share. Revenue rose 18 percent, to $9.96 billion.
Motorola said its third-quarter earnings more than tripled, to $1.75 billion. Revenue rose 26 percent, to $9.42 billion.Compiled from staff and news service reports.