Webwire: Etisalat profit falls 15%; FT eyes Congo China Telecom
The UAE's Etisalat reported a 14.9% slump in second-quarter net profit to 1.59 billion dirhams (€306 million), due to growing operating costs and a charge for anticipated overseas tax liabilities.
France Telecom is in talks to acquire a controlling 51% stake in Congo China Telecom from ZTE. A source said the operator may later buy out the remaining 49% from the Congolese government, and that both transactions could cost a combined €300 million.
Tom Alexander, CEO of the UK's Everything Everywhere, has resigned suddenly citing personal reasons. He will leave the Orange/T-Mobile joint venture at the end of August.
The Moroccan government is looking to sell up to 7% of Maroc Telecom, and will open bids in September. The sale would be worth around $1.1 billion (€777 million) at current market prices, and cut the government's holding to 23%.
US media giant Time Warner Networks will begin simulcasting its CNN and HLN cable news channels online to subscribers of select cable TV providers, in a bid to stave off cord-cutting and meet consumer’s demands for more online video.