Google, Hearst & Goldman To Invest $100 Million In Current's Broadband-Over-Powerlines Effort

Updated: Read below:

We couldn’t make this stuff up. Google, Goldman Sachs Group and Hearst Corp. are investing about $100 million in Maryland-based Current Communications Group and broadband via powerlines, according to WSJ. The announcement is expected today.

Current says its uploads are as speedy as its downloads. That could come in handy for Google’s video-search functions. Google’s statement to the Journal: “As part of our corporate mission, we are interested in promoting universal access to the Internet for users.”

Update: Reuters: A top Hearst executive said the investment fit in with the media company’s distribution strategy. “We have an interest in delivering our content through the widest possible pipes,” said Ken Bronfin, president of interactive media for Hearst. “The idea of creating another delivery mechanism to the home, especially in underserved areas, is attractive.”

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