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Technology Stocks : (LVLT) - Level 3 Communications

LVLT 53.63

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Nov 1 5:00 PM EST

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From: tech101	7/11/2007 4:48:00 PM
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Level 3 Buys Servecast Wednesday July 11, 4:19 pm ET Level 3 Buys Servecast for $45 Million NEW YORK (AP) -- Fiber optic network operator Level 3 Communications Inc. said Wednesday it bought Servecast Limited, a provider of live and on-demand video services for broadband and mobile platforms, for about $45 million cash. Servecast, based in Dublin, Ireland, will help the company manage and distribute online video content in multiple formats to meet the growing demand for video over the Internet, Level 3 said. Servecast had revenue of about $5 million in 2006, Level 3 said, adding that it plans to keep the company's headquarters and broadcast operations center in Dublin and its data centers in London and Amsterdam. Level 3 shares fell 4 cents to close at $6.05. Questions or comments about this story should be directed to the Financial News desk of the Associated Press at 212-621-7190.

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