Broadcom Corporation issued a press release announcing it is exploring strategic alternatives for its cellular baseband business, including a potential sale or wind-down. The Company’s Board of Directors approved this decision on May 30, 2014. Unless the Company can successfully sell the cellular baseband business, the Company may likely record material non-cash charges for the impairment of certain long-term assets, including goodwill and purchased intangible assets, in the three months ending June 30, 2014. The Company is currently evaluating the recoverability of the assets related to the cellular baseband business. Broadcom said that a sale or wind-down of the baseband business would reduce its annual R&D and SG&A expenses by $700 million, of which about $100 million is related to stock-based compensation. Source: Filing
Restructurings
