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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 13, 1999
Page
9
IBM partners with RealNetworks in a joint system aimed at delivering music over the Internet. The move targets dial up users, leverages RealNetworks software used by tens of millions, and seeks a share of proceeds for the recording industry while competing in the evolving online music landscape.
Bloomberg filed suit in Manhattan federal court against John Does 1 through 5 over a bogus Bloomberg report on Angelfire.com that falsely claimed PairGain Technologies would be acquired by ECI Telecom for 1.35 billion dollars. The hoax sent PairGain stock to $11.12 from $8.50, and Bloomberg seeks unspecified damages while subpoenas target the site sponsors and discussion boards.
General Motors directors agreed to separate GM from its Delphi Auto motive Systems unit, distributing 452.6 million Delphi shares tax free to GM shareholders on May 28. Delphi, based in Troy, Mich, would become the 35th largest U.S. company with about $29 billion in revenue and 200,000 employees overall.
Adelphia Communications will acquire Harron Communications for 1.2 billion in cash, expanding to about 5 million subscribers and making Adelphia the fourth biggest U S cable operator behind Time Warner AT&T and Comcast. The deal would close by March 2000 pending regulatory approvals and boosts Adelphia's reach in New England and the Philadelphia region. Harron founder Paul Harron Sr influenced its growth from vaudeville advertising to a major cable player.
The Dow rose 165.67 to 10,339.51 ending a sharp slide sparked by Compaq’s profit warning. Nasdaq gained 5.69 to a record 2,598.74 and the S&P climbed 10.29 to a record 1,358.64 as investors bought back blue chips. IBM and Hewlett Packard slipped while American Express led gains amid strategic bets and potential banking reforms.
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