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Short Take: Sprint increases stake in Hybrid

Sprint acquired a 19 percent equity stake in Hybrid Networks, a maker of cable and wireless Internet systems, according to Hybrid. Sprint spent $11 million in August 1999 on Hybrid convertible debentures, and three venture-capital companies spent $7.1 million on the debt. Sprint converted its debt into a 19 percent stake, and the venture-capital companies converted their stake into a 16 percent stake, Hybrid said.

Sprint acquired a 19 percent equity stake in Hybrid Networks, a maker of cable and wireless Internet systems, according to Hybrid. Sprint spent $11 million in August 1999 on Hybrid convertible debentures, and three venture-capital companies spent $7.1 million on the debt. Sprint converted its debt into a 19 percent stake, and the venture-capital companies converted their stake into a 16 percent stake, Hybrid said.