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Innovate Corp.

February 16, 2023

Innovate Corp. (formerly known as HC2 Holdings, Inc. and Primus Telecommunications Group, Inc.) is an American public financial services company founded in 1994.

Innovate Corp.
TypePublic
IndustryFinancial services
Predecessor
  • Primus Telecommunications Group
  • (1994-2014)
  • HC2 Holdings
  • (2014-2021)
Founded1994
HeadquartersNew York, New York
Key people
Wayne Barr, Jr., CEO
ProductsA Diversified Holding Company
Brands
  • DBM Global
  • Pansend
  • HC2 Broadcasting
  • DTV America
Websitewww.innovatecorp.com

History

Beginning (1994–1997)

 
First logo as Primus Telecom

Primus commenced operations in 1994 intent on being a global, facilities based service provider. They entered the U.S market in 1995 by assembling their core management team and beginning operations.[1]

In 1996, Primus began its global expansion by acquiring Australia's then-fourth largest telecommunications service provider, Axicorp.[citation needed] The same year, Primus obtained a long-distance carrier license in the then-newly deregulated United Kingdom[2] and also released their initial public offering. They completed their public listing the following year with the completion of the sale of more than US$225 million in senior notes and warrants.[1]

Global expansion (1997–1999)

Primus' global expansion continued in 1997 with key acquisitions and international network expansion. They completed the build and activation of their Australian switched network, international gateway switches in New York and Los Angeles and trans-Pacific links.[3] 1997 was also the beginning of Primus' growth through acquisitions. In April, Primus purchased Cam-Net Communications Network Inc. to allow them to enter the Canadian long distance market.[4] Later that year, Primus acquired Telepassport LLC and the assets of USFI Inc; this expanded Primus' long distance services operations into Germany, Japan, Austria, Switzerland and South Africa.[5]

1998 saw Primus expand their operations further in Australia with the acquisition of Eclipse Telecommunications Pty. Ltd.[6] and Hotkey Internet Services Pty Limited.[7] These acquisitions, along with Primus' new Australian Carriers License,[8] meant they were able to offer Internet and data services to Australians. This, however, was not Primus' most significant activity in 1998. In February that year they announced the acquisition of TresCom International Inc. for a sum of US$125 million[9][10] which was later completed for US$150 million.[11] The completion of this acquisition increased Primus' customer base to approximately 200,000 corporate, small and medium-sized business, residential and wholesale customers in the North America, Europe and the Asia-Pacific regions. That same year, Primus received international carrier status from Canada's Radio and Telephone Commission[12] and signed a significant deal with Qwest for fibre and increased bandwidth capacity for their U.S points of presence.[13]

In March 1999, Primus' Canadian subsidiary purchased Toronto-based London Telecom Group Inc.[14][15] Earlier in the year Primus also purchased GlobalServe Communications, a privately owned Canadian Internet Service Provider.[16] These acquisitions were closely followed by the purchase of many of the retail operations of Telegroup Inc, including their Australian subsidiary.[17][18] A long-distance telephone company based in Fairfield, Iowa with 350,000 customers around the world, Telegroup was in Chapter 11 bankruptcy before Primus purchased their assets for $72 million.[19] Primus' growth did not end there. In March the same year they were granted a Type 1 Telecommunications Carrier License in Japan, which made them one of the first foreign-based carriers to be awarded the license.[20] They were also approved for a Public Telecommunications Operations license to offer voice telephony services in France and to capitalise on their agreement to interconnect with Deutsche Telekom[21] they purchased German Internet Service Provider, TCP/IP GmbH.[22] These developments and Primus' investment in pan-European fibre optic systems such as their Atlantic Crossing 1, Aphrodite Aphrodite, Arianne, CANTAT, Gemini and TAT12/13 meant Primus at the time offered services to 25 major cities located in 11 countries, including Austria, Denmark, England, France, Germany, Italy, The Netherlands, Norway, Spain, Sweden and Switzerland.[23] Primus continued to pursue growth through the purchase of assets in 1999. They purchased a 51% controlling stake in Brazil's fifth largest Internet Service Provider, Matrix Internet S.A to gain access to the Brazilian market;[24] they also acquired DSL provider DigitalSelect LLC[25] to improve their residential broadband capabilities and firm 1492 Technologies[26] to add e-commerce and web services capabilities to the organisation.

Peak (2000–2001)

In January Primus won the Washington Technology Fast 50 award.[27] Later that year they were recognised by Deloitte & Touche as the fastest growing technology company according to their Fast 500 ranking, an award subsequently won by eBay in 2001 and Google in 2004.[28][29][30] Primus continued their network expansion by furthering their relationship with Qwest, they signed an agreement to purchase capacity for their nationwide fiber optic cable ring and connecting routes.[31] This agreement came on the back of announcements that Primus had begun strategic alliances with Akamai Technologies and Hewlett Packard. Their relationship with Akamai involved an agreement to jointly deploy Akamai servers in select Primus points of presence to further Akamai's global content delivery capabilities.[32] Primus' venture with Hewlett Packard involved both parties joining forces to provide business services through HP-powered data centres across Primus' global network, the relationship involved a US$50 million investment by Hewlett Packard.[33] While Primus continued expanding their ATM and IP networks in the U.S and internationally[34] they also continued their acquisition growth strategy by purchasing LCR Telecom Group, a London-based voice and data reseller;[35] Infinity Online Systems Inc., a Canadian Internet Service Provider;[36] a 38% stake in Bekkoame Internet Inc., a Japanese Internet Service Provider;[37][38] Shore.Net, a New-England based Internet Service Provider with data centre facilities[39][40] and InterNeXt S.A., a French Internet Service Provider with national operations.[41] These acquisitions also coincided with Primus entering the Puerto Rico market by partnering with Virtual Inc. and receiving a Competitive Local Exchange Carrier (CLEC) license.[37][42]

At its peak in March 2000, Primus' stock price was valued at US$51.69 per share and the business was generating US$1.2 billion in revenue annually.[43]

U.S. financial downturn (2001–2004)

Following the dot-com bubble "bursting" in 2000, and the subsequent U.S financial downturn and stock market crash in 2001 after September 11,[44] Primus reportedly began scaling back growth plans and reducing their debt in response to their stock value dropping to US$0.54 in June 2002.[43]

This pre-emptive measure allowed Primus to avoid bankruptcy at the time and continue to remain profitable and record a full year earnings before interest, taxes, depreciation and amortization (EBITDA) of $101 million in 2002.[45] Primus did make some acquisitions in this period purchasing the U.S. retail voice customer base of Cable & Wireless in 2002,[46] Canadian Internet provider Magma Communications Ltd[47] and in Australia the internet service and interactive media businesses of AOL/7[48] as well as small Australian dot-com firms UseOz, Blue Mountains Internet and Standard.net.[49]

This period was still a period of growth and relative success for Primus. In 2003, Primus was added to the Russell 3000 index, a U.S. equity indexes that captures the 3,000 largest U.S. stocks based on market capitalisation.[50] They were included in the 2004 'Fortune 1000', Forbes magazines ranking of the largest public companies, based on revenue, in the United States[51] and a 2002 TeleGeography study found Primus was on aggregate the world's fifth largest carrier of international public switched telephone network (PSTN) voice traffic.[52] Primus also used this period of growth to move their stock from the NASDAQ SmallCap Market to the NASDAQ National Market to gain more transparency.[53]

Financial issues (2005–2009)

Towards the end of 2004, Primus' stock fell 69% and continued to fall in 2005 as their core revenue streams of long-distance telephone service, dial-up Internet connections and prepaid calling began shrinking.[54]

To remedy this trend Primus announced they would be shifting their focus from their,

...long distance voice heritage to become a fully integrated service provider--capable of delivering and bundling high growth telecommunication services, including local, wireless and broadband...with the capability of offering arrays of bundled wireline/wireless/broadband/VOIP products in its major markets...[55]

In 2004, Primus made their first product release in line with their new vision by releasing a high-speed VoIP Internet phone service dubbed 'Lingo'. Designed to leverage Primus international data network to provide a cost-effective retail voice service, Lingo offered U.S. customers unlimited calling in the U.S., Canada and Western Europe for only $19.95 per month.[56]

Despite 6% revenue growth in Primus' new services, broadband and VOIP,[57] on March 14, 2006, Primus Telecommunications stock was transferred from the NASDAQ National Market to the NASDAQ Capital Market due to the value of the stock dropping below $1.00.[58] This setback, however, did not stop the business from continuing to roll out their own DSLAM network internationally especially in Australia.[1]

In 2007, Primus Telecom admitted paying more than $22 million to settle a lawsuit alleging illegal or fraudulent transfers of funds.[59] Primus Telecom has also been named as a defendant in additional federal litigation.[60]

As of 2008, the company's stock had dropped more than 99% from its peak in early 2000,[61] amid declining revenue and accelerating losses.[62][63] According to the company's SEC filings:

...Primus did not maintain effective internal control over financial reporting as of December 31, 2006, due to the material weakness in the Company’s internal control over accounting for income taxes...[63]

Bankruptcy and recovery (2009-2010)

Primus' struggles finally culminated in the company filing for Chapter 11 bankruptcy protection on March 16, 2009.[64][65]

Months later, however, Primus successfully emerged from Chapter 11 on July 1, 2009. The value recovered by shareholders of old common stock (ticker NASDAQ:PRTL) will depend on the company's financial performance over the four years following their emergence from Chapter 11.[66] As a result of the reorganisation, Primus's creditors have also become significant share holders in the organisation.[citation needed]

...Under the terms of the plan of reorganization Primus has reduced its debt by $316 million, or 55%, and will emerge from bankruptcy with approximately $255 million of debt. Additionally, Primus reduced interest payments by approximately 50% and extended certain debt maturities...

...None of Primus' operating companies in the United States, Australia, Canada, India, Europe or Brazil were included in the restructuring. The operating units have and will continue to manage and to operate their businesses normally...[67]

The newly emerged public company was not listed on any stock exchange until June 23, 2011, when it began trading under the ticker PTGI on the NYSE.[68][69]

Acquisition of Arbinet (2010-2013)

As of March 4, 2010, Primus appeared on the recovery track as they reported 2009 net revenue of US$814 million and free cash flow of $27.9 million; revenue increases they claim are partly the result of:

...sales of IP-PBX, data hosting and other managed services to small and medium enterprises...[70][71]

On November 11, 2010, Primus announced the acquisition of Arbinet Corporation. A provider of international voice and IP solutions to carriers and service providers globally, Arbinet provides platform intelligence, call routing and credit management and settlement capabilities. The deal was reportedly worth approximately $28 million in a stock-for-stock transaction, reportedly Arbinet shareholders will own approximately 23% of the combined company and Primus shareholders are expected to own approximately 77% of the combined company.[72]

With more than 1,100 carriers across the world utilizing the Arbinet network Primus expects the deal to add $300 million a year in revenue to its global wholesale group and deliver costs savings of $3 million to $7 million for each of the first two years.[73]

Primus delists from NYSE and name changes (2013-present)

On November 8, 2013, Primus's board of directors decided to[74] delist from the NYSE and de-register its common stock saying that the savings that would benefit shareholders and the company outweighed the advantages of continuing as a NYSE listed and a reporting company. Without the annual accounting and legal costs, and administrative burdens associated with SEC reporting obligations and compliance with Sarbenes-Oxley Act, Primus said it would be able to reduce its costs while still maintaining an environment with appropriate financial controls.

On January 7, 2014, HRG Group Inc. purchased a 40.5% stake in Primus. On April 14, 2014, Primus was renamed HC2 Holdings, Inc.[75]

On July 9, 2021, Primus announced that it would be renamed INNOVATE Corp.,[76] stating the new name "reflects the Company’s focus on innovative growth businesses".[77] Despite its parent company's renaming, the broadcasting unit is still known as HC2 Broadcasting.

United Kingdom operations

Primus had a subsidiary in the United Kingdom. A management buyout of the UK business in 2010 saw this subsidiary separate from Primus Telecom to form New Call Telecom.[78]

Broadcast expansion

See also: List of stations owned by Innovate Corp.
 
HC2 Holdings logo, in use from April 2014 to July 2021.

HC2 entered into the field of broadcast television ownership in July 2017 with their purchase of a 50 percent stake in DTV America, which owned 50 low-power television (LPTV) stations in 42 markets in the United States;[79] this transaction became an outright purchase by October 2017.[80] Deals to purchase 38 low-power stations from Mako Communications and 14 low-power stations from Three Angels Broadcasting Network, followed in September and October, respectively.[81][82] By November 2017, HC2 acquired seven stations from OTA Broadcasting that didn't have their spectrum sold during the FCC's 2016 auction,[83] two stations from Abrahantes Communications,[84][85] 19 stations from Northstar Media, LLC (including two full-power stations)[86] and the Azteca América network from TV Azteca.[87] Seven Azteca América affiliates, including San Francisco market station KEMO-TV, were purchased from Jericho Partners LLC for $411,318 the following month.[88]

The string of purchases continued into 2018, with stations purchased from HERO Broadcasting,[89] Tyche Media LLC,[85] Joseph W Shaffer,[90] Prime Time Partners LLC, Tran Star LLC,[91] Iglesia Manmin Toda La Creacio USA Inc, Dallas De Mujer A Mujer International and the Benns Family, all for a combined $9.67 million.[92] KCEB in Longview, Texas, one of the two remaining stations in London Broadcasting Co.'s portfolio, was purchased in April 2018 for $225,000.[93] Additional stations were purchased by NRJ TV for $9.25 million and One Ministries Inc. for $2.15 million.[94] In June 2018, HC2 purchased stations from KM Communications for $1.85 million,[95] TCT Ministries for $4 million and Estrella Media for $3,325,000.[96] WPVN-CD of Chicago, Illinois was purchased from Polnet Communications for $7 million.[97] Further transactions included WVTT-CD from Woodland Communications LLC for $1.5 million, along with stations from Milachi Media for $1,172,661,[98] CNZ Communications for $1.75 million, and V1 Productions Inc for $503,000.[99]

September 2018 saw the announcement of the purchase of WJFB in Lebanon, Tennessee from Radiant Life Ministries for $5.75 million.[100] HC2 also purchased Columbus, Ohio station WDEM-CD from Minority Brands for $850,000.[101] Also in September, a multi-station deal in Puerto Rico was announced with HC2 buying WOST, WQQZ-CD and WWKQ-LD from Corporate Media Consultants Group LLC for $2.85 million.[102] In October, HC2 purchased K20JX-D from Amazing Facts Inc for $800,000.[103]

In May 2019, HC2 Holdings announced they were acquiring a full-power station from Lowcountry Media for $2.6 million. WSCG of Baxley, Georgia serves the Savannah market.[104] The purchase of two low-power stations was announced in June 2019. WBEH-CD of Miami, Florida and WSPF-CD of St. Petersburg, Florida were sold by WPMF Miami LLC for $3.7 million.[105]

On October 21, 2022, INNOVATE Corp. announced that Azteca América would cease operations on December 31, after 22 years of operation as a competitor to leading Spanish networks Univision and Telemundo. Prior to the announcement, INNOVATE had been selling most of the full-power stations operated by Azteca América, and began notifying affiliates and advertising partners of the network’s planned closure.[106]

See also

References

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External links

  • Official website
  • HC2 Broadcasting - official website

February 16, 2023
innovate, corp, formerly, known, holdings, primus, telecommunications, group, american, public, financial, services, company, founded, 1994, typepublictraded, asnyse, vaterussell, 2000, componentindustryfinancial, servicespredecessorprimus, telecommunications,. Innovate Corp formerly known as HC2 Holdings Inc and Primus Telecommunications Group Inc is an American public financial services company founded in 1994 Innovate Corp TypePublicTraded asNYSE VATERussell 2000 componentIndustryFinancial servicesPredecessorPrimus Telecommunications Group 1994 2014 HC2 Holdings 2014 2021 Founded1994HeadquartersNew York New YorkKey peopleWayne Barr Jr CEOProductsA Diversified Holding CompanyBrandsDBM GlobalPansendHC2 BroadcastingDTV AmericaWebsitewww wbr innovatecorp wbr com Contents 1 History 1 1 Beginning 1994 1997 1 2 Global expansion 1997 1999 1 3 Peak 2000 2001 1 4 U S financial downturn 2001 2004 1 5 Financial issues 2005 2009 1 6 Bankruptcy and recovery 2009 2010 1 7 Acquisition of Arbinet 2010 2013 1 8 Primus delists from NYSE and name changes 2013 present 1 9 United Kingdom operations 1 10 Broadcast expansion 2 See also 3 References 4 External linksHistory EditBeginning 1994 1997 Edit First logo as Primus Telecom Primus commenced operations in 1994 intent on being a global facilities based service provider They entered the U S market in 1995 by assembling their core management team and beginning operations 1 In 1996 Primus began its global expansion by acquiring Australia s then fourth largest telecommunications service provider Axicorp citation needed The same year Primus obtained a long distance carrier license in the then newly deregulated United Kingdom 2 and also released their initial public offering They completed their public listing the following year with the completion of the sale of more than US 225 million in senior notes and warrants 1 Global expansion 1997 1999 Edit Primus global expansion continued in 1997 with key acquisitions and international network expansion They completed the build and activation of their Australian switched network international gateway switches in New York and Los Angeles and trans Pacific links 3 1997 was also the beginning of Primus growth through acquisitions In April Primus purchased Cam Net Communications Network Inc to allow them to enter the Canadian long distance market 4 Later that year Primus acquired Telepassport LLC and the assets of USFI Inc this expanded Primus long distance services operations into Germany Japan Austria Switzerland and South Africa 5 1998 saw Primus expand their operations further in Australia with the acquisition of Eclipse Telecommunications Pty Ltd 6 and Hotkey Internet Services Pty Limited 7 These acquisitions along with Primus new Australian Carriers License 8 meant they were able to offer Internet and data services to Australians This however was not Primus most significant activity in 1998 In February that year they announced the acquisition of TresCom International Inc for a sum of US 125 million 9 10 which was later completed for US 150 million 11 The completion of this acquisition increased Primus customer base to approximately 200 000 corporate small and medium sized business residential and wholesale customers in the North America Europe and the Asia Pacific regions That same year Primus received international carrier status from Canada s Radio and Telephone Commission 12 and signed a significant deal with Qwest for fibre and increased bandwidth capacity for their U S points of presence 13 In March 1999 Primus Canadian subsidiary purchased Toronto based London Telecom Group Inc 14 15 Earlier in the year Primus also purchased GlobalServe Communications a privately owned Canadian Internet Service Provider 16 These acquisitions were closely followed by the purchase of many of the retail operations of Telegroup Inc including their Australian subsidiary 17 18 A long distance telephone company based in Fairfield Iowa with 350 000 customers around the world Telegroup was in Chapter 11 bankruptcy before Primus purchased their assets for 72 million 19 Primus growth did not end there In March the same year they were granted a Type 1 Telecommunications Carrier License in Japan which made them one of the first foreign based carriers to be awarded the license 20 They were also approved for a Public Telecommunications Operations license to offer voice telephony services in France and to capitalise on their agreement to interconnect with Deutsche Telekom 21 they purchased German Internet Service Provider TCP IP GmbH 22 These developments and Primus investment in pan European fibre optic systems such as their Atlantic Crossing 1 Aphrodite Aphrodite Arianne CANTAT Gemini and TAT12 13 meant Primus at the time offered services to 25 major cities located in 11 countries including Austria Denmark England France Germany Italy The Netherlands Norway Spain Sweden and Switzerland 23 Primus continued to pursue growth through the purchase of assets in 1999 They purchased a 51 controlling stake in Brazil s fifth largest Internet Service Provider Matrix Internet S A to gain access to the Brazilian market 24 they also acquired DSL provider DigitalSelect LLC 25 to improve their residential broadband capabilities and firm 1492 Technologies 26 to add e commerce and web services capabilities to the organisation Peak 2000 2001 Edit In January Primus won the Washington Technology Fast 50 award 27 Later that year they were recognised by Deloitte amp Touche as the fastest growing technology company according to their Fast 500 ranking an award subsequently won by eBay in 2001 and Google in 2004 28 29 30 Primus continued their network expansion by furthering their relationship with Qwest they signed an agreement to purchase capacity for their nationwide fiber optic cable ring and connecting routes 31 This agreement came on the back of announcements that Primus had begun strategic alliances with Akamai Technologies and Hewlett Packard Their relationship with Akamai involved an agreement to jointly deploy Akamai servers in select Primus points of presence to further Akamai s global content delivery capabilities 32 Primus venture with Hewlett Packard involved both parties joining forces to provide business services through HP powered data centres across Primus global network the relationship involved a US 50 million investment by Hewlett Packard 33 While Primus continued expanding their ATM and IP networks in the U S and internationally 34 they also continued their acquisition growth strategy by purchasing LCR Telecom Group a London based voice and data reseller 35 Infinity Online Systems Inc a Canadian Internet Service Provider 36 a 38 stake in Bekkoame Internet Inc a Japanese Internet Service Provider 37 38 Shore Net a New England based Internet Service Provider with data centre facilities 39 40 and InterNeXt S A a French Internet Service Provider with national operations 41 These acquisitions also coincided with Primus entering the Puerto Rico market by partnering with Virtual Inc and receiving a Competitive Local Exchange Carrier CLEC license 37 42 At its peak in March 2000 Primus stock price was valued at US 51 69 per share and the business was generating US 1 2 billion in revenue annually 43 U S financial downturn 2001 2004 Edit Following the dot com bubble bursting in 2000 and the subsequent U S financial downturn and stock market crash in 2001 after September 11 44 Primus reportedly began scaling back growth plans and reducing their debt in response to their stock value dropping to US 0 54 in June 2002 43 This pre emptive measure allowed Primus to avoid bankruptcy at the time and continue to remain profitable and record a full year earnings before interest taxes depreciation and amortization EBITDA of 101 million in 2002 45 Primus did make some acquisitions in this period purchasing the U S retail voice customer base of Cable amp Wireless in 2002 46 Canadian Internet provider Magma Communications Ltd 47 and in Australia the internet service and interactive media businesses of AOL 7 48 as well as small Australian dot com firms UseOz Blue Mountains Internet and Standard net 49 This period was still a period of growth and relative success for Primus In 2003 Primus was added to the Russell 3000 index a U S equity indexes that captures the 3 000 largest U S stocks based on market capitalisation 50 They were included in the 2004 Fortune 1000 Forbes magazines ranking of the largest public companies based on revenue in the United States 51 and a 2002 TeleGeography study found Primus was on aggregate the world s fifth largest carrier of international public switched telephone network PSTN voice traffic 52 Primus also used this period of growth to move their stock from the NASDAQ SmallCap Market to the NASDAQ National Market to gain more transparency 53 Financial issues 2005 2009 Edit Towards the end of 2004 Primus stock fell 69 and continued to fall in 2005 as their core revenue streams of long distance telephone service dial up Internet connections and prepaid calling began shrinking 54 To remedy this trend Primus announced they would be shifting their focus from their long distance voice heritage to become a fully integrated service provider capable of delivering and bundling high growth telecommunication services including local wireless and broadband with the capability of offering arrays of bundled wireline wireless broadband VOIP products in its major markets 55 In 2004 Primus made their first product release in line with their new vision by releasing a high speed VoIP Internet phone service dubbed Lingo Designed to leverage Primus international data network to provide a cost effective retail voice service Lingo offered U S customers unlimited calling in the U S Canada and Western Europe for only 19 95 per month 56 Despite 6 revenue growth in Primus new services broadband and VOIP 57 on March 14 2006 Primus Telecommunications stock was transferred from the NASDAQ National Market to the NASDAQ Capital Market due to the value of the stock dropping below 1 00 58 This setback however did not stop the business from continuing to roll out their own DSLAM network internationally especially in Australia 1 In 2007 Primus Telecom admitted paying more than 22 million to settle a lawsuit alleging illegal or fraudulent transfers of funds 59 Primus Telecom has also been named as a defendant in additional federal litigation 60 As of 2008 the company s stock had dropped more than 99 from its peak in early 2000 61 amid declining revenue and accelerating losses 62 63 According to the company s SEC filings Primus did not maintain effective internal control over financial reporting as of December 31 2006 due to the material weakness in the Company s internal control over accounting for income taxes 63 Bankruptcy and recovery 2009 2010 Edit Primus struggles finally culminated in the company filing for Chapter 11 bankruptcy protection on March 16 2009 64 65 Months later however Primus successfully emerged from Chapter 11 on July 1 2009 The value recovered by shareholders of old common stock ticker NASDAQ PRTL will depend on the company s financial performance over the four years following their emergence from Chapter 11 66 As a result of the reorganisation Primus s creditors have also become significant share holders in the organisation citation needed Under the terms of the plan of reorganization Primus has reduced its debt by 316 million or 55 and will emerge from bankruptcy with approximately 255 million of debt Additionally Primus reduced interest payments by approximately 50 and extended certain debt maturities None of Primus operating companies in the United States Australia Canada India Europe or Brazil were included in the restructuring The operating units have and will continue to manage and to operate their businesses normally 67 The newly emerged public company was not listed on any stock exchange until June 23 2011 when it began trading under the ticker PTGI on the NYSE 68 69 Acquisition of Arbinet 2010 2013 EditAs of March 4 2010 Primus appeared on the recovery track as they reported 2009 net revenue of US 814 million and free cash flow of 27 9 million revenue increases they claim are partly the result of sales of IP PBX data hosting and other managed services to small and medium enterprises 70 71 On November 11 2010 Primus announced the acquisition of Arbinet Corporation A provider of international voice and IP solutions to carriers and service providers globally Arbinet provides platform intelligence call routing and credit management and settlement capabilities The deal was reportedly worth approximately 28 million in a stock for stock transaction reportedly Arbinet shareholders will own approximately 23 of the combined company and Primus shareholders are expected to own approximately 77 of the combined company 72 With more than 1 100 carriers across the world utilizing the Arbinet network Primus expects the deal to add 300 million a year in revenue to its global wholesale group and deliver costs savings of 3 million to 7 million for each of the first two years 73 Primus delists from NYSE and name changes 2013 present Edit On November 8 2013 Primus s board of directors decided to 74 delist from the NYSE and de register its common stock saying that the savings that would benefit shareholders and the company outweighed the advantages of continuing as a NYSE listed and a reporting company Without the annual accounting and legal costs and administrative burdens associated with SEC reporting obligations and compliance with Sarbenes Oxley Act Primus said it would be able to reduce its costs while still maintaining an environment with appropriate financial controls On January 7 2014 HRG Group Inc purchased a 40 5 stake in Primus On April 14 2014 Primus was renamed HC2 Holdings Inc 75 On July 9 2021 Primus announced that it would be renamed INNOVATE Corp 76 stating the new name reflects the Company s focus on innovative growth businesses 77 Despite its parent company s renaming the broadcasting unit is still known as HC2 Broadcasting United Kingdom operations Edit Primus had a subsidiary in the United Kingdom A management buyout of the UK business in 2010 saw this subsidiary separate from Primus Telecom to form New Call Telecom 78 Broadcast expansion Edit See also List of stations owned by Innovate Corp HC2 Holdings logo in use from April 2014 to July 2021 HC2 entered into the field of broadcast television ownership in July 2017 with their purchase of a 50 percent stake in DTV America which owned 50 low power television LPTV stations in 42 markets in the United States 79 this transaction became an outright purchase by October 2017 80 Deals to purchase 38 low power stations from Mako Communications and 14 low power stations from Three Angels Broadcasting Network followed in September and October respectively 81 82 By November 2017 HC2 acquired seven stations from OTA Broadcasting that didn t have their spectrum sold during the FCC s 2016 auction 83 two stations from Abrahantes Communications 84 85 19 stations from Northstar Media LLC including two full power stations 86 and the Azteca America network from TV Azteca 87 Seven Azteca America affiliates including San Francisco market station KEMO TV were purchased from Jericho Partners LLC for 411 318 the following month 88 The string of purchases continued into 2018 with stations purchased from HERO Broadcasting 89 Tyche Media LLC 85 Joseph W Shaffer 90 Prime Time Partners LLC Tran Star LLC 91 Iglesia Manmin Toda La Creacio USA Inc Dallas De Mujer A Mujer International and the Benns Family all for a combined 9 67 million 92 KCEB in Longview Texas one of the two remaining stations in London Broadcasting Co s portfolio was purchased in April 2018 for 225 000 93 Additional stations were purchased by NRJ TV for 9 25 million and One Ministries Inc for 2 15 million 94 In June 2018 HC2 purchased stations from KM Communications for 1 85 million 95 TCT Ministries for 4 million and Estrella Media for 3 325 000 96 WPVN CD of Chicago Illinois was purchased from Polnet Communications for 7 million 97 Further transactions included WVTT CD from Woodland Communications LLC for 1 5 million along with stations from Milachi Media for 1 172 661 98 CNZ Communications for 1 75 million and V1 Productions Inc for 503 000 99 September 2018 saw the announcement of the purchase of WJFB in Lebanon Tennessee from Radiant Life Ministries for 5 75 million 100 HC2 also purchased Columbus Ohio station WDEM CD from Minority Brands for 850 000 101 Also in September a multi station deal in Puerto Rico was announced with HC2 buying WOST WQQZ CD and WWKQ LD from Corporate Media Consultants Group LLC for 2 85 million 102 In October HC2 purchased K20JX D from Amazing Facts Inc for 800 000 103 In May 2019 HC2 Holdings announced they were acquiring a full power station from Lowcountry Media for 2 6 million WSCG of Baxley Georgia serves the Savannah market 104 The purchase of two low power stations was announced in June 2019 WBEH CD of Miami Florida and WSPF CD of St Petersburg Florida were sold by WPMF Miami LLC for 3 7 million 105 On October 21 2022 INNOVATE Corp announced that Azteca America would cease operations on December 31 after 22 years of operation as a competitor to leading Spanish networks Univision and Telemundo Prior to the announcement INNOVATE had been selling most of the full power stations operated by Azteca America and began notifying affiliates and advertising partners of the network s planned closure 106 See also EditiPrimus Primus CanadaReferences Edit a b c Archived copy Archived from the original on November 27 2010 Retrieved September 9 2010 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link PRIMUS TELECOMMUNICATIONS ACQUIRES AXICORP AUSTRALIA S FOURTH LARGEST TELECOMMUNICATIONS SERVICE PROVIDER PR Newswire March 25 1996 Retrieved September 9 2010 PRIMUS Announces Completion of Portions of Its Network Delays in Migrating Customers to Its Network and Expected Impact on Revenue and Gross Margin PR Newswire February 25 1997 Retrieved September 9 2010 PRIMUS Telecommunications Reports Additional Second Quarter Results Q2 97 Revenue up 45 vs Q2 96 PR Newswire August 6 1997 Retrieved September 9 2010 PRIMUS Telecommunications Acquires Telepassport and Assets of USFI PRIMUS Expands Into Japan and Germany PR Newswire October 20 1997 Retrieved September 9 2010 PRIMUS Acquires Data Communications Service Provider PR Newswire April 6 1998 Retrieved September 9 2010 Hotkey History Hotkey Archived from the original on August 8 2010 Retrieved September 9 2010 Primus Awarded Full Carrier License in Australia Expects Equal Access to Begin in July 1997 PR Newswire July 9 1997 Retrieved September 9 2010 PRIMUS to Acquire TresCom for 125 Million PR Newswire February 4 1998 Retrieved September 9 2010 COMPANY NEWS PRIMUS AGREES TO BUY A RIVAL TRESCOM FOR 125 MILLION NY Times February 5 1998 Retrieved September 10 2010 PRIMUS Completes 150 Million Merger with TresCom PR Newswire June 9 1998 Retrieved September 9 2010 PRIMUS Seizes the Opportunity To Become Canada s International Carrier PR Newswire November 9 1998 Retrieved September 9 2010 S amp Rts Primus Telecom 250 Mil Conv Sub Debentrs CCC BUSINESS WIRE February 17 2000 Retrieved September 9 2010 PRIMUS Telecommunications Acquires London Telecom And Becomes Canada s Third Largest Alternative Long Distance Carrier PR Newswire March 31 1999 Retrieved September 9 2010 COMPANY NEWS PRIMUS IN DEAL FOR LONDON TELECOM S CANADIAN NETWORK NY Times April 1 1999 Retrieved September 10 2010 PRIMUS Telecommunications Acquires Globalserve A Leading Canadian Internet Service Provider PR Newswire February 12 1999 Retrieved September 9 2010 Telegroup Inc Announces Sale of Certain Australian Subsidiaries Which Had Been Placed in Administration Press release New York Business Wire March 11 1999 COMPANY NEWS PRIMUS TELECOMMUNICATIONS BUYING TELEGROUP ASSETS NY Times March 29 1999 Retrieved September 10 2010 Primus to Buy Some Assets Of Telegroup Wall Street Journal May 31 1999 p 8 PRIMUS Telecommunications Group Awarded Type 1 License in Japan PR Newswire March 11 1999 Retrieved September 9 2010 PRIMUS Expands European Operations PR Newswire July 13 1999 Retrieved September 9 2010 PRIMUS Telecommunications Announces Acquisition of German ISP PR Newswire May 27 1999 Retrieved September 9 2010 Primus Launches Operations in France European Operations Now Span 11 Countries September 9 1999 Retrieved September 9 2010 PRIMUS Acquires Brazil s Largest Independent ISP PR Newswire November 11 1999 Retrieved September 9 2010 PRIMUS Advances its Broadband Internet Strategy With the Acquisition Of Digitalselect a Provider of xDSL Services PR Newswire November 18 1999 Retrieved September 9 2010 Primus Acquires 1492 Technologies to Gain Leading Edge E Commerce and Web Services Capabilities PR Newswire November 22 1999 Retrieved September 9 2010 Fast 50 2000 Hot Companies Reflect Sizzling Region Washington Technology January 21 2000 Retrieved September 9 2010 Southeast Companies Comprise 21 Percent of Deloitte amp Touche 2000 Fast 500 All Business from Business Wire November 17 2000 Retrieved September 9 2010 2006 Highlights amp Trends Deloitte Retrieved September 10 2010 16 Colorado Companies Make Deloitte amp Touche 2000 Technology Fast 500 New Era of Networks Inc is Fastest Growing Fast 500 Company in Colorado Business Wire November 16 2000 Retrieved September 10 2010 PRIMUS Awards Qwest Communications Network Agreement for Nationwide Broadband OC 48 Fiber Optic Backbone Ring PRnewswire January 12 2000 Retrieved September 10 2010 PRIMUS Telecommunications Becomes One of Akamai s Largest Global Content Distribution Network Providers PRnewswire January 12 2000 Retrieved September 10 2010 PRIMUS Telecommunications Group and Hewlett Packard Company Form Strategic Alliance to Deliver Global e Commerce Web Hosting and Value Added Data Service Reuters March 29 2000 Retrieved September 10 2010 permanent dead link Primus Telecommunications Reaches Major Milestone in Global Application Intelligent Network Deployment Brief Article Bnet from Fibre Optic Business November 30 2000 Retrieved September 10 2010 COMPANY NEWS PRIMUS TO EXPAND IN EUROPEAN MARKET WITH ACQUISITION NY Times February 9 2000 Retrieved September 10 2010 PRIMUS Canada Expands Web Hosting Web Content and ISP Access Services With Acquisition of Infinity Online Systems PRnewswire January 26 2000 Retrieved September 10 2010 a b PRIMUS Telecommunications Group Acquires Stake In Japanese Internet Service Provider To Expand Operations In Asia Pacific Region Reuters April 3 2000 Retrieved September 10 2010 permanent dead link PRIMUS Acquires Stake in Japanese Internet Service Provider to Expand Operations in Asia Pacific Region PRnewswire April 3 2000 Retrieved September 10 2010 PRIMUS Telecommunications Group Acquires Shore Net Reuters March 30 2000 Retrieved September 10 2010 permanent dead link PRIMUS Accelerates Application Service Provider and E Business Initiatives in U S With Acquisition of Full Service ISP ASP Company Business and Marketing Bnet from Cambridge Telecom Report April 3 2000 Retrieved September 10 2010 PRIMUS TELECOMMUNICATIONS ACQUIRES FACILITIES BASED INTERNET SERVICE PROVIDER SERVING THE BUSINESS MARKET THROUGHOUT FRANCE Press release May 31 2000 Archived from the original on October 1 2000 Retrieved September 10 2010 PRIMUS Telecommunications Launches ISP Operations and Receives CLEC License In Puerto Rico PRnewswire May 19 2000 Retrieved September 10 2010 a b Yuki Noguchi June 25 2002 Primus Running A Leaner Telecom Primus Telecom from Washington Post Archived from the original on July 1 2002 Retrieved September 10 2010 September 11 attacks PRIMUS Telecommunications Reports Fourth Quarter and Full Year 2002 Financial Results and Provides Guidance for 2003 PRnewswire February 13 2003 Retrieved September 10 2010 C amp W Primus Strike Deal Bnet from Communications Today September 17 2002 Retrieved September 10 2010 PRIMUS Telecommunications Acquires an Internet Service Provider in Canada Business Wire April 15 2004 Retrieved September 12 2010 PRIMUS Telecommunications to Acquire the Internet Service and Interactive Media Businesses from the Shareholders of AOL 7 and to License the AOL Brand in Australia Business Wire February 11 2005 Retrieved September 12 2010 Primus Australia goes on ISP feeding frenzy ZDnet December 2 2002 Retrieved September 10 2010 PRIMUS Telecommunications Slated to Be Added to Russell 3000 Index Business Wire June 16 2003 Retrieved September 14 2010 PRIMUS Telecommunications Named to the Fortune 1000 Business Wire March 25 2004 Retrieved September 12 2010 PRIMUS Telecommunications Ranked Among Top Carriers In Global TeleGeography Study Market Wire February 29 2004 Retrieved September 12 2010 PRIMUS Telecommunications Elevated to NASDAQ National Market Business Wire March 21 2003 Retrieved September 10 2010 Share Prices Fall But Pay Goes Up The Washington Post June 27 2005 Retrieved September 14 2010 PRIMUS Telecommunications Reports Fourth Quarter and Annual 2004 Financial Results Business Wire February 22 2005 Retrieved September 14 2010 PRIMUS Launches Lingo High Speed Internet Phone Service Business Wire June 7 2004 Retrieved September 14 2010 PRIMUS Telecommunications Reports First Quarter 2006 Financial Results Business Wire May 2 2006 Retrieved September 14 2010 http www allbusiness com media telecommunications 5459045 1 html dead link Primus Telecommunications Group Inc 8 K For 2 14 07 SEC Info February 14 2007 Retrieved September 29 2008 Docket Search of Primus Telecommunications Justia Retrieved September 29 2008 Primus Telecom Stock Chart MSN Money Retrieved September 29 2008 permanent dead link Primus Telecom Company Report MSN Money Retrieved September 29 2008 permanent dead link a b Primus Telecommunications Group Inc 8 K for 6 25 07 SEC Info June 25 2007 Retrieved September 29 2008 Primus Telecommunications Group Incorporated Announces Consensual Financial Restructuring Press release MSNBC March 16 2009 Retrieved March 19 2009 dead link Primus US parent files for Chapter 11 with debts of A 1 billion iTWire March 17 2009 Retrieved September 10 2010 Request Rejected PDF Primus Telecommunications Group Successfully Emerges From Chapter 11 Trading Markets July 1 2009 Archived from the original on July 11 2009 Retrieved September 14 2010 Primus Approved to Begin Trading on NYSE Yahoo Finance June 20 2011 Retrieved July 5 2011 Primus Telecommunications Group gets NYSE listing Washington Business Journal June 20 2011 Retrieved July 5 2011 PRIMUS Telecommunications Reports Fourth Quarter and Full Year 2009 Financial Results Marketwire March 4 2010 Retrieved September 10 2010 Primus Telecommunications Reports Second Quarter 2010 Financial Results Marketwire August 16 2010 Retrieved September 14 2010 Arbinet Corporation to be Acquired by Primus Telecommunications Group in Stock for Stock Transaction Arbinet to Benefit from Increased Scale Market Position and Global Reach CNBC via PRNewswire November 11 2010 Retrieved November 12 2010 permanent dead link Primus Telecom To Buy Arbinet Sell Europe Ops DOW JONES NEWSWIRES November 11 2010 Retrieved November 12 2010 Investor Relations hc2 Investor Relations hc2 HC2 Holdings Inc Announces New Name INNOVATE Corp INNOVATE ir hc2 com Inc HC2 Holdings September 20 2021 INNOVATE Corp Completes Name Change from HC2 Holdings Inc GlobeNewswire News Room a href Template Cite news html title Template Cite news cite news a last1 has generic name help Archived copy PDF Archived from the original PDF on March 4 2016 Retrieved April 7 2015 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link HC2 to Acquire Majority Interest in DTV America June 27 2017 http transition fcc gov Daily Releases Daily Business 2017 db1031 DA 17 1058A1 pdf bare URL PDF HC2 Holdings acquired the low power TV stations of Mako Communications MandA Business News www mandabusiness com 3ABN Deals Away 14 LPTV Properties Radio amp Television Business Report October 13 2017 OTA Sheds TV Properties That Didn t Move In Incentive Auction Radio amp Television Business Report November 14 2017 Station Trading Roundup 3 Deals 1 75M TV News Check November 28 2017 a b Station Trading Roundup 6 Sales 14 8M January 9 2018 HC2 Broadcasting Subsidiary Acquires Azteca America November 29 2017 Venden Azteca America a empresa estadunidense La Silla Rota lasillarota com Station Trading Roundup 2 Sales 1 3M December 19 2017 Station Trading Roundup 1 Deal 2 7 Million January 23 2018 Station Trading Roundup 1 Sale 1 2 Million February 27 2018 Station Trading Roundup 5 Sales 22 4M February 20 2018 Station Trading Roundup 3 Sales 1 45M March 13 2018 Station Trading Roundup 1 Sale 225 000 April 24 2018 Station Trading Roundup 5 Sales 15 7M April 10 2018 Sale of KWKB Iowa City Closes January 29 2019 Station Trading Roundup 4 Deals 3 7B June 26 2018 Station Trading Roundup 2 Deals 10 5M June 12 2018 Station Trading Roundup 3 Deals 18 3M August 29 2018 Station Trading Roundup 5 Deals 27 7M August 21 2018 Station Trading Roundup 5 Deals 6 29M September 18 2018 Station Trading Roundup 1 Deal 850 000 September 11 2018 Station Trading Roundup 5 Deals 3 2M September 5 2018 Station Trading Roundup 3 Deals 940 000 October 10 2018 WSCG Savannah Sold for 2 6 Million May 21 2019 HC2 Holdings Buys Two Florida LPTVS June 28 2019 Azteca America will cease operations after 22 years in the US Hispanic PRODU in Spanish October 21 2022 External links EditOfficial website HC2 Broadcasting official website Retrieved from https en wikipedia org w index php title Innovate Corp amp oldid 1139261922, wikipedia, wiki, book, books, library,

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