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⚫ {{Infobox company
{{Advert|article}}
⚫ | name = AboveNet

⚫ | logo = AboveNet logo.svg
⚫ {{Infobox Company
| fate = Acquired by ]
⚫ | company_name = AboveNet, Inc.
| foundation = {{start date and age|1993}}
⚫ | company_logo = ]
| defunct = {{end date and age|2012|07|02}}
| company_type = Public ({{NYSE|ABVT}})
⚫ | location = ]
| foundation = mid-1990s
| revenue = {{increase}} $472 million (2011)
⚫ | location = ], ]
| net_income = {{increase}} $72 million (2011)
| key_people = Bill LaPerch, ]
| assets = {{increase}} $911 million (2011)
| industry = ]
| equity = {{increase}} $647 million (2011)
| products =
⚫ | num_employees = 713 (2011)
| revenue =
| footnotes = <ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1043533/000114420412011778/v303647_10k.htm | title=AboveNet, Inc. 2011 Form 10-K Annual Report | publisher=]}}</ref>
| operating_income =
| net_income =
⚫ | num_employees = 500 (as of 2008)
| parent =
| subsid =
| homepage = http://www.above.net/
| footnotes =
}} }}
'''AboveNet''' was a provider of high ] ]s primarily for large corporate enterprises and communications carriers in 17 markets in the United States and 4 markets in Europe. Its private optical network delivered key network and IP services and was used in financial and legal services, media, health care, retail, and government.

The company was formerly named Metromedia Fiber Network and changed its name to AboveNet in 2003 after emerging from ].

Before its bankruptcy in 2002, the company was financially backed by ] and ].


In 2012, the company was acquired by ] for $2.2 billion in cash.
'''AboveNet, Inc.''' ({{NYSE|ABVT}}), builds private optical networks using its fiber assets within 15 metro markets across the United States and in London, UK. Its services include high-bandwidth, from 100Mbps, 1Gbps to 10Gbps ] solutions, ] (transit and dedicated), fiber and end-to-end, lit optical services including ].


==History== ==History==
], ]. ]]


The company was founded in 1993 as AboveNet, by founder Sherman Tuan. It initially focused on 'one-hop' internet connectivity and providing ] to communications carrier customers in the U.S. and Europe.
AboveNet was formed in the mid-1990s as a ] provider in ]. The company expanded rapidly with an ] in 1998, originally using the ticker symbol ABOV.<ref>http://www.encyclopedia.com/doc/1G1-55672335.html</ref>


Abovenet Communications became a ] via an ] in December 1998 and soared 32% in one day in March 1999 during the ] after announcing a ].<ref>{{cite news | url=https://www.nytimes.com/1999/03/31/business/abovenet-to-split-stock.html | title=Abovenet to Split Stock | agency=] | work=] | date=March 31, 1999 | url-access=subscription}}</ref>
In 1999 the company was purchased by Metromedia Fiber Network (MFN), a ]-based provider of high bandwidth network connectivity solutions. MFN traces its history back to 1993 creating one of the earliest all-fiber metro area networks in the New York area - to serve the financial services industry and eventually expanded across many cities in the US.


In June 1999, Metromedia acquired Abovenet Communications, including its subsidiary ], an operator of Internet ] exchanges.<ref>{{cite news | url=https://www.wsj.com/articles/SB930142020565956674 | title=Metromedia Fiber Network Plans To Buy AboveNet for $1.76 Billion | work=] | date=June 24, 1999 | url-access=subscription}}</ref><ref>{{cite news | url=https://www.nytimes.com/1999/06/24/business/company-news-metromedia-to-buy-abovenet-for-1.55-billion.html | title=Metromedia to Buy Abovenet for $1.55 Billion | agency=] | work=] | date=June 24, 1999 | url-access=subscription}}</ref><ref>{{cite news | url=https://money.cnn.com/1999/06/23/deals/metromedia/ | title=Metromedia buys AboveNet | work=] | date=June 24, 1999}}</ref>
Later the combined company dropped the AboveNet name, and changed its ticker symbol to MFNX, and was a member of the ] index.
Following the acquisition, the company changed its name to Metromedia Fiber Network in 2000.


In 2000, the company acquired M.I.B.H., a networking consultancy operated by ], for $51 million in cash and stock.
As a result of the collapse of the ], MFN - like many other similar companies, entered a severe liquidity crisis. The company filed for ] in May 2002.


Also in 2000, ] invested $970 million in ]s and $715.4 million in common stock of the company.<ref>{{cite news | url=https://www.nytimes.com/2001/07/31/business/technology-verizon-may-write-down-big-fiber-optic-investment.html | title=Verizon May Write Down Big Fiber Optic Investment | first=Simon | last=Romero | work=] | date=July 21, 2001 | url-access=subscription}}</ref>
As part of the Chapter 11 process the company sold off non-core assets, including its data centers, in the US and mainland Europe, retaining a smaller but more viable footprint.


In 2001, the company acquired SiteSmith, a provider of managed web-hosting services, for $1.36 billion in stock.<ref>{{cite news | url=https://money.cnn.com/2000/10/10/deals/metromedia/ | title=Metromedia buys SiteSmith | work=] | date=October 10, 2000}}</ref><ref>{{cite news | url=https://www.latimes.com/archives/la-xpm-2000-oct-11-fi-34755-story.html | title=Metromedia Fiber Network Plans Acquisition of SiteSmith | agency=] | work=] | date=October 11, 2000 | url-access=subscription}}</ref>
==The Present==


In May 2002, the company filed ].<ref>{{cite news | url=https://www.nytimes.com/2002/05/21/business/technology-metromedia-fiber-files-for-bankruptcy.html | title=Metromedia Fiber Files for Bankruptcy | first=Simon | last=Romero | work=] | date=May 21, 2000 | url-access=subscription}}</ref>
The smaller, reorganized company changed its name to AboveNet when emerging from bankruptcy in September 2003, and now trades on the New York Stock Exchange as ABVT.


In September 2003, the company emerged from bankruptcy and changed its name to Abovenet, with ], Franklin Mutual Advisers, and ] among its largest shareholders.<ref>{{cite news | url=https://www.nytimes.com/2003/09/09/business/technology-briefing-hardware-abovenet-emerges-from-bankruptcy.html | title=AboveNet Emerges From Bankruptcy | agency=] | work=] | date=September 9, 2003 | url-access=subscription}}</ref>
It has extensive metro fiber networks in London, Boston, New York, Philadelphia, Baltimore, Washington DC, Atlanta, Chicago, Dallas, Houston, Austin, Phoenix, Los Angeles, San Francisco, Portland and Seattle. It connects more than 1,800 optically enabled buildings, with more than 2 million fiber miles.


In October 2006, ] acquired the east coast ]s of the company for $40 million.<ref>{{cite press release | url=https://investor.digitalrealty.com/news-and-events/news/press-release-details/2006/Digital-Realty-Trust-Inc-Acquires-Datacenters-in-New-York-City-and-Northern-Virginia-From-AboveNet/default.aspx | title=Digital Realty Trust, Inc. Acquires Datacenters in New York City and Northern Virginia From AboveNet | publisher=] | date=October 2, 2006}}</ref>
MAN Services
Metro Area Network Solutions
• ], Services
• Wave ] Services
• Fiber Services
] Services
] Solutions
• ], Services
• ] Services
• eXpressWave Long Haul services


In 2007, the company acquired fiber from ] and Verizon that the companies were selling to comply with antitrust law.<ref>{{cite press release | url=https://news.thomasnet.com/companystory/abovenet-acquires-metro-fiber-from-at-and-t-and-verizon-515293 | title=AboveNet Acquires Metro Fiber from AT&T and Verizon | publisher=] | date=April 11, 2007}}</ref>
==Stealth Blocking==


On July 2, 2012, ] acquired the company for $2.2 billion in cash.<ref>{{cite news | url=https://www.bizjournals.com/denver/news/2012/07/02/zayo-group-closes-on-23b-buy-of.html | title=Zayo Group closes on $2.3B buy of AboveNet | work=] | date=July 2, 2012}}</ref>
AboveNet is one of the few large providers actively practicing so-called "stealth blocking"<ref>http://gilc.org/speech/stealth_blocking.html</ref>


==References== ==References==
{{Reflist}} {{Reflist|1}}


{{Dot-com Bubble}}
==External links==
* http://www.above.net/


{{DEFAULTSORT:Abovenet}} {{DEFAULTSORT:Abovenet}}
] ]
] ]
] ]
]
]
]

Latest revision as of 10:54, 15 July 2024

AboveNet
Founded1993; 31 years ago (1993)
DefunctJuly 2, 2012; 12 years ago (2012-07-02)
FateAcquired by Zayo Group
HeadquartersWhite Plains, New York
RevenueIncrease $472 million (2011)
Net incomeIncrease $72 million (2011)
Total assetsIncrease $911 million (2011)
Total equityIncrease $647 million (2011)
Number of employees713 (2011)
Footnotes / references

AboveNet was a provider of high bandwidth telecommunication circuits primarily for large corporate enterprises and communications carriers in 17 markets in the United States and 4 markets in Europe. Its private optical network delivered key network and IP services and was used in financial and legal services, media, health care, retail, and government.

The company was formerly named Metromedia Fiber Network and changed its name to AboveNet in 2003 after emerging from bankruptcy.

Before its bankruptcy in 2002, the company was financially backed by John Kluge and Verizon.

In 2012, the company was acquired by Zayo Group for $2.2 billion in cash.

History

Metromedia Fiber Network manhole cover, Uptown New Orleans.

The company was founded in 1993 as AboveNet, by founder Sherman Tuan. It initially focused on 'one-hop' internet connectivity and providing dark fiber to communications carrier customers in the U.S. and Europe.

Abovenet Communications became a public company via an initial public offering in December 1998 and soared 32% in one day in March 1999 during the dot-com bubble after announcing a stock split.

In June 1999, Metromedia acquired Abovenet Communications, including its subsidiary PAIX, an operator of Internet peering exchanges. Following the acquisition, the company changed its name to Metromedia Fiber Network in 2000.

In 2000, the company acquired M.I.B.H., a networking consultancy operated by Paul Vixie, for $51 million in cash and stock.

Also in 2000, Verizon invested $970 million in convertible bonds and $715.4 million in common stock of the company.

In 2001, the company acquired SiteSmith, a provider of managed web-hosting services, for $1.36 billion in stock.

In May 2002, the company filed bankruptcy.

In September 2003, the company emerged from bankruptcy and changed its name to Abovenet, with Craig McCaw, Franklin Mutual Advisers, and John Kluge among its largest shareholders.

In October 2006, Digital Realty acquired the east coast data centers of the company for $40 million.

In 2007, the company acquired fiber from AT&T and Verizon that the companies were selling to comply with antitrust law.

On July 2, 2012, Zayo Group acquired the company for $2.2 billion in cash.

References

  1. "AboveNet, Inc. 2011 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Abovenet to Split Stock". The New York Times. Dow Jones & Company. March 31, 1999.
  3. "Metromedia Fiber Network Plans To Buy AboveNet for $1.76 Billion". The Wall Street Journal. June 24, 1999.
  4. "Metromedia to Buy Abovenet for $1.55 Billion". The New York Times. Reuters. June 24, 1999.
  5. "Metromedia buys AboveNet". CNN. June 24, 1999.
  6. Romero, Simon (July 21, 2001). "Verizon May Write Down Big Fiber Optic Investment". The New York Times.
  7. "Metromedia buys SiteSmith". CNN. October 10, 2000.
  8. "Metromedia Fiber Network Plans Acquisition of SiteSmith". Los Angeles Times. Reuters. October 11, 2000.
  9. Romero, Simon (May 21, 2000). "Metromedia Fiber Files for Bankruptcy". The New York Times.
  10. "AboveNet Emerges From Bankruptcy". The New York Times. Bloomberg News. September 9, 2003.
  11. "Digital Realty Trust, Inc. Acquires Datacenters in New York City and Northern Virginia From AboveNet" (Press release). PR Newswire. October 2, 2006.
  12. "AboveNet Acquires Metro Fiber from AT&T and Verizon" (Press release). Thomas Register. April 11, 2007.
  13. "Zayo Group closes on $2.3B buy of AboveNet". American City Business Journals. July 2, 2012.
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