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Byline: Brian Brus
Jun. 26--Broadband media services provider Williams Communications has entered a partnership with iBEAM Broadcasting Corp., a leading provider of Internet broadcasting and streaming media pioneer.
Under the terms of the agreement, which the companies released Monday, Williams Communications will invest $20 million in cash and $10 million in services to iBEAM in exchange for convertible preferred stock representing about 49 percent ownership of the company. Williams will provide iBEAM with an expanded set of telecommunications and broadband media services, and become the company's preferred provider of IP transit services.