Streaming media company iBeam Broadcasting says it is in preliminary funding discussions with its principal shareholder, Williams Communications, to provide iBeam with financing that would support its continued operations. iBeam did not disclose whether such financing is imminent, the amount of funding being discussed, or whether any such financing would be in the form of equity or debt. The company said it has sufficient resources to operate into October, but it needs between $25 million and $30 million to fully fund itself. If sufficient funding is secured, according to iBeam, it will be cash-flow positive in the third quarter of 2002 instead of the fourth quarter.
In August, the Sunnyvale, Calif.-based company received a Nasdaq Stock Market listing extension to regain compliance with the Nasdaq's minimum closing bid requirement. iBeam runs a streaming media satellite network that promises more efficient audio and video feeds over the Internet. Williams Communications holds approximately 49 percent of the company's voting stock.