When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.

Gateway closes AOL chapter with stock buyback

Gateway on Tuesday said it plans to buy back just over $315 million in its shares owned by Time Warner, closing the book on a tumultuous chapter in its 19-year history as a PC maker. The Poway, Calif., company said it will move to repurchase Series A and Series C preferred stock and up to 2.7 million shares of common stock. It will pay Time Warner $185.6 million in cash and allow its partner up to $130 million in discounts on future payments under revenue-sharing agreements, for a total of $315.6 million. Gateway sought to make the deal now because it would have had to repurchase the stock for a higher price in December, a company representative said.

View: The full story

News source: news.com

Report a problem with article
Next Article

Intel's 2005 desktop chipsets will feature wireless

Previous Article

Update for Internet Explorer 6 for XP Service Pack 2