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The Good, The Bad, And The Irrelevant: Level 3 Finally Gets It Right
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For the first time in a wretch history of poor management, Level 3 (NASDAQ: LVLT) finally got something right. The company has 67,000 miles of broadband backbone used to for VoIP, data, and video transmission. Deeply in debt from M&A activity, Level 3 has had few profitable quarters in recent years.
It has just closed a deal with video rental firm Netflix (NASDAQ: NFLX) to provide video streaming and storage for the highly successful Netflix VOD business. Netflix has nearly 19 million subscribers.
Level 3 shares are up 17% to $1.18.
The transaction may be the only thing that Level 3 does right this year of next, but it does benefit shareholders.
Douglas A. McIntyre
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