Excite@Home: Bankrupt, AT&T: Insane

from the weird-deals dept

Okay, so we knew that Excite@Home was going to declare bankruptcy, and it was pretty much assured that AT&T was going to jump in buy up the cable modem business assets. None of that was a surprise. But, paying $307 million for just some of the assets of a company that has a valuation of around $60 million? That’s a surprise. Of course, this is probably to sweeten the deal with Comcast to buy all of AT&T Broadband’s assets. If they’re getting $40 billion for AT&T Broadband, I guess $300 million doesn’t seem like too much. Anyway, in a mostly unrelated story, I just discovered that Techdirt was a “cool site of the day” at Webshots today (though, they don’t actually mention us by name, and just have a link to “News” that goes to Techdirt). Webshots is owned by Excite, so Techdirt might be one of their last ever cool sites of the day…

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Comments on “Excite@Home: Bankrupt, AT&T: Insane”

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todd says:

61 vs 300

Mike, look at their balance sheet — tons of debt. To buy the company you have to buy the equity (60M), but that often requires the approval of the bondholders if not the assumption of all debt. My very quick math shows enough cash and st assets to pay down current liabilities and some of the lt debt, leaving about $240M in debt oustanding.

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