Consortium takes over Net2Phone, revamps board
A consortium led by IDT, AT&T and Liberty Media on Tuesday took a controlling interest in Net2Phone, a move that led its CEO Howie Balter to resign.
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The consortium now owns a 49% economic interest and 60% voting stake in Net2Phone, and IDT chairman Howard Jonas will become acting CEO and a member of an expanded Net2Phone board.
Jonas will assume the chairmanship role after current chairman Clifford Sobel resigns, at which point Net2Phone president Stephen Greenberg will become CEO. Sobel recently was nominated as U.S. ambassador to the Netherlands.
Net2Phone made the announcements right after posting its fourth-quarter results. The company reported a $18.3 million loss not including charges for restructuring and other one-time items.
--Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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