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Ldds Communications

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BUSINESS
August 23, 1994 | LESLIE HELM, TIMES STAFF WRITER
LDDS Communications, an acquisitive and highly ambitious Jackson, Miss.-based phone company, took a giant step toward the telecommunications big leagues Monday when it agreed to buy long-distance carrier Wiltel Network Services for $2.5 billion in cash. LDDS, which is 20%-owned by billionaire John Kluge, agreed earlier this month to buy Culver City-based IDB Communications for about $705 million in stock.
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BUSINESS
August 31, 1994 | LESLIE HELM, TIMES STAFF WRITER
When an Oklahoma energy company began stringing fiber-optic cables inside abandoned natural gas pipelines a decade ago to take on the big phone companies, many dismissed the notion as a pipe dream. But Williams Co. is having the last laugh. The Tulsa-based company recently struck a deal to sell its telecom subsidiary, WilTel, to rival LDDS Communications for a tidy $2.5 billion in cash.
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BUSINESS
August 31, 1994 | LESLIE HELM, TIMES STAFF WRITER
When an Oklahoma energy company began stringing fiber-optic cables inside abandoned natural gas pipelines a decade ago to take on the big phone companies, many dismissed the notion as a pipe dream. But Williams Co. is having the last laugh. The Tulsa-based company recently struck a deal to sell its telecom subsidiary, WilTel, to rival LDDS Communications for a tidy $2.5 billion in cash.
BUSINESS
August 23, 1994 | LESLIE HELM, TIMES STAFF WRITER
LDDS Communications, an acquisitive and highly ambitious Jackson, Miss.-based phone company, took a giant step toward the telecommunications big leagues Monday when it agreed to buy long-distance carrier Wiltel Network Services for $2.5 billion in cash. LDDS, which is 20%-owned by billionaire John Kluge, agreed earlier this month to buy Culver City-based IDB Communications for about $705 million in stock.
BUSINESS
August 11, 1994 | From Times Staff and Wire Reports
Peoples Telephone Posts Loss, Loan Default: The nation's largest public pay phone company reported a loss of $4.9 million on revenue of $42.6 million for the quarter ended June 30, contrasted with a profit of $1.4 million on revenue of $30.1 million a year ago. Peoples also incurred costs in failed merger talks with IDB Communications Group, which has since agreed to be acquired by LDDS Communications.
BUSINESS
November 15, 1994 | From Times Staff and Wire Reports
IDB Creates $76-million Legal Reserve: IDB Communications, the Culver City-based telecommunications firm whose controversial accounting practices caused an investor firestorm earlier this year, said in its third-quarter earnings report that it set aside $76 million for potential claims in shareholder lawsuits. IDB said its quarterly loss was $154 million, or $2.08 a share, after the reserve and a $35-million write-off of certain intangible assets.
BUSINESS
February 27, 1993 | CARLA LAZZARESCHI, TIMES STAFF WRITER
Billionaire John Kluge will merge the long-distance operations of his Metromedia Corp. with two other small carriers to create the nation's fourth-largest long-distance carrier. Analysts say the deal sets the stage for further acquisitions by New Jersey-based Metromedia as it tries gain more of the nation's growing long-distance phone market.
BUSINESS
May 5, 1994 | From Reuters
Williams Cos. said Wednesday that LDDS Communications Inc., the nation's fourth-largest long-distance carrier, has offered to buy its telephone subsidiary for $2 billion. Williams, which operates natural gas pipelines as well as a digital telecommunications network, said LDDS' unsolicited bid of cash, stock or both for the WilTel unit includes the assumption of the company's debt. After the news was announced, Williams' stock closed $3.25 higher at $28.75 on the New York Stock Exchange.
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