Metromedia Fiber Network Inc. said telecommunications pioneer Craig McCaw bought some of the data network operator's debt and will own a 'significant' stake in the company when it comes out of bankruptcy. Metromedia Fiber, now controlled by billionaire John Kluge, said McCaw's Fiber LLC bought suppliers' claims against the company and agreed to back half of a $50 million stock offering.
AskMe acquires CompanyWay.com
Bellevue-based AskMe Corp. has acquired the assets of CompanyWay.com in a deal of undisclosed size. An AskMe spokeswoman declined to say if the company planned to retain any CompanyWay employees. She also declined to disclose the number of employees at AskMe, which employed 66 people two years ago.
AskMe makes software that allows employees of large corporations to tap the knowledge of co-workers. The software is used by Ford Motor Co., ABN Amro Bank, Creo Inc. and others. CompanyWay, which was based in Bellevue, made a competing product.
It is the first acquisition for AskMe, which has raised $24 million in the past four years.
NATIONAL
AOL Time Warner may sell two businesses
AOL Time Warner, seeking to reduce its debt, is expected to announce two sales of businesses within the next week.
The company is expected to announce today that it has agreed to sell its CD- and DVD-manufacturing business for $1.04 billion to Cinram International of Toronto, the largest maker of such discs, people briefed on the negotiations said. Representatives of Cinram could be not be reached for comment.
Next week, the company is expected to announce that it has agreed to sell two of its three Atlanta sports teams - the Hawks of the NBA and the Thrashers of the NHL - and their arena to Dallas car dealer David McDavid.
IBM shares decline as 2nd-quarter sales lag
Shares of IBM Corp., the world's largest computer maker, fell 3.9 percent after second-quarter sales of software, services and chips fell short of some investors' forecasts. Net income rose to $1.7 billion, or 97 cents a share, from $56 million, or 3 cents, in the same period a year earlier, IBM said.
Quick Hits is written by P-I reporters John Cook and Dan Richman. Send comments to johncook@seattlepi.com. This report includes information from The Associated Press and Bloomberg News.
