IDT Corporation - History

History

IDT was founded by entrepreneur Howard Jonas in August 1990. He founded the company after opening a sales office in Israel, receiving large international phone bills and then discovering a way to lower them.

On January 26, 2006, IDT Telecom, Inc. sold to GVC Networks LLC all its IDT Winstar Solution subsidiaries: Winstar Communications, Winstar Government Solutions, LLC and Winstar Wireless, LLC.

On February 17, 2006, IDT announced it would reacquire full ownership of Net2Phone, a company it had launched in the mid 1990s.

On May 16, 2006, IDT agreed to sell its IDT Entertainment division to Liberty Media for "for all of Liberty Media's interests in IDT, $186 million in cash and the assumption of existing indebtedness." On August 31, 2006, the sale of all of IDT Entertainment's US operations and several international operations was completed. "The remainder of the deal, to include the Canadian and Australian operations, is expected to be closed in the next few weeks after regulatory approval has been given." This sale was completed on 29 September 2006.

On October 12, 2006, IDT completed the sale of its Toucan consumer phone business in the UK to Pipex Communications plc.

On July 1, 2008, IDT sold IDT Global Services located in Jerusalem, Israel to its Israeli CEO, Eli Ninio. The company still operates under the name IDT, as IDT Global Israel.

The IDT Headquarters building at 520 Broad Street in downtown Newark was home to the former Mutual Benefit Life Insurance Company from 1957 to 2000.

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