EXCITE@HOME FILED FOR bankruptcy protection Friday and announced that AT&T will purchase the broadband Internet access business and services assets of the ISP for $307 million.
Excite@Home serves about 3.2 million broadband subscribers but has been hurt by lagging advertising revenue. The company announced earlier this week that it would lay off close to 25 percent of its staff and make large cutbacks to its portal services.
AT&T previously held a 23 percent stake in the company, and industry analysts expected the telecommunications giant to acquire the remaining shares of Excite@Home.
News source: Infoworld
