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ImagicTV (IMT-TSE)
Staff and wires
Tuesday, February 6, 2001
$8.10, down $1.25
ImagicTV shares slumped after BCE Inc. said it will develop its ExpressVu satellite television service instead of using ImagicTV software for TV over phone lines. The Saint John-based company, which went public at $11 (U.S.) in November, is developing software to let phone companies offer TV service using phone lines. The company is 36-per-cent owned by Aliant Inc., which is 53-per-cent owned by BCE. Analysts had expected BCE, majority owner of The Globe and Mail, to be a software customer because of the Aliant connection. "The economic proposition presented by Imagic's technology is not appropriate for any business case," BCE chief executive Jean Monty said, announcing plans to offer fast Internet service through the ExpressVu satellite service. |
