IBeam takes in $40 mil, partners with Williams

Cyberbiz Brief

By MARC GRASER

Internet streaming company iBeam Broadcasting has secured $40 million from a round of investors including broadband service provider Williams Communications. As part of the round, iBeam will integrate its streaming network with Williams Communications' 33,000 mile fiber-optic network. Williams will also provide iBeam with an expanded set of telecommunications and broadband media services and become the preferred provider for iBeam's IP transit services. Williams invested $30 million in iBeam.

The investment provides San Francisco-based iBeam with capital and services necessary to continue developing and delivering Internet streaming products and services to entertainment clients. Through its Vyvx Broadband Media unit, Williams provides transmission services for 80% of all professional football, basketball, baseball and hockey broadcasts and 65% of all live news broadcasts. Williams will hold 49% of the company's outstanding voting stock, and upon closing, Williams Communications will be entitled to elect four representatives to iBeam's board of directors.