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In October 2001, iBEAM Broadcasting Corporation filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court. In December 2001, iBEAM and Williams Communications LLC consummated the transactions contemplated by the Asset Sale Agreement, which provided for the sale of substantially all of the company's assets to Williams for $25 million in cash and the assumption by Williams of certain of company's liabilities. The company, prior to selling its assets, owned and operated an Internet broadcast network that delivered streaming media to large audiences of simultaneous users.
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