InFocus Sells The University Network
InFocus announced the company sold The University Network, a digital content delivery system targeting colleges and universities in the U.S. The buyer is Submedia LLC, a digital media company based in New York City. InFocus acquired the assets of TUN in mid-2005 and announced earlier this year its intent to divest TUN.
The Company will post no gain or loss on the sale during the fourth quarter of 2006 as the Company posted a charge of $1.4 million in the third quarter related to writing down its assets invested in TUN based on the proceeds expected to be received upon completion of the sale.
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