The Good, The Bad, And The Irrelevant: Level 3 Finally Gets It Right
Good 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…
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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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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
