Network video processing firm RGB Networks closed $12mln in funding, led by Comcast Interactive Capital and venture capital firm Mitsui & Co. Existing investors Accel Partners, Kleiner Perkins Caufiled & Byers also participated. Comcast joins RGB’s board. — UBS cut Knology to "neutral" from "buy" Tues, lowering its price target to $3.75/share from $5. UBS believes Knology’s liquidity risk is increased by Orange Broadband’s decision to back out of a deal to buy the overbuilder’s Cerritos, CA, property (Cfax, 1/10). — Nortel yesterday finally got around to restating its 2003 financials, saying its net income for the year was $434mln, and not $732mln. The company also said 12 execs will pay back $8.6mln in bonuses they received based on those spurious earnings reports. This is the 2nd time the telco gear manufacturer has restated earnings following the disclosure that it had inflated sales numbers.

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