1991: AT&T acquires NCR Corp. for $7.4 billion, making it a significant player in the computer and data communications industry.
1994: AT&T completes its merger with McCaw Cellular Communications, resulting in what becomes AT&T Wireless.
1995: AT&T restructures into three separate companies: a services company called AT&T; a product and systems company later named Lucent Technologies; and a computer company called NCR.
1996: Congress passes the Telecommunications Act, designed to allow broader competition in phone service.
1996: Lucent and NCR are both spun off from AT&T.
1997: C. Michael Armstrong becomes chief executive of AT&T and describes a focus on providing voice, data and video services.
1998: AT&T acquires Teleport Communications Group.
1999: The company acquires cable giant Tele-Communications Inc.
2000: The company acquires MediaOne Group, becoming the country's largest cable operator.
2000: AT&T's stock begins to crumble as investors grow impatient, seeing no payoff from Armstrong's $100-billion purchases of cable and communications companies.