Level 3 Determines Acquisition by Institutional Investor is Exempted Transaction for Purposes of NOL Rights Plan

BROOMFIELD, Colo., June 6, 2011 /PRNewswire/ -- Level 3 Communications, Inc. (NASDAQ: LVLT) today announced that its Board of Directors has determined that the acquisition of more than 4.9 percent of the company's shares of common stock by an institutional investor, as reported on a Schedule 13