Level 3 Chairman Gives Chunk Of Stock To Foundation

Broomfield, Colorado-based telecommunications provider Level 3 Communications said late Monday that its chairman, Walter Scott, Jr., has transferred 1.75 million shares of its common stock to a charitable foundation, the Suzanne and Walter Scott Foundation. The shares--worth approximately $54M--will go to the foundation's philanthropic activities, which are mostly in Scott's hometown of Omaha, Nebraska. The foundation apparently has been giving money to such organizations as the Omaha Zoo Foundation, Clarkson Hospital, Ronald McDonald House, Omaha Symphony, Children's Hospital & Medical Center, and many others. Scott is 82, and has been on Level 3's board since 1964.