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September 29, 1997updated 03 Sep 2016 6:59pm


By CBR Staff Writer

Audio and video streaming company Progressive Networks Inc has filed for an initial public offering, and changed its name to RealNetworks Inc, to fit in with the name of its RealAudio and RealVideo products. The IPO filings showed that Microsoft Corp had invested $30m in the company last July for a 10% stake, and holds warrants that could see the stake upped to 23% (CI No 3,208). The investment has become a sensitive one as it is part of Microsoft’s surge of video streaming interests which triggered a Department of Justice anti-trust investigation. Iridium LLC, Motorola Inc’s satellite-based mobile communications venture has launched five more satellites into orbit, bringing the number to 34, more than half of its planned network of 66 satellites. The satellites were launched from the Vandenberg Air Force base in California, on a Delta rocket by Boeing Space Systems. The global mobile phone, data, and fax service is to come into service by mid 1998.

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