October 6, 1999 |
The proposed $115-billion merger of long-distance giants MCI WorldCom and Sprint has won plaudits from investors, but this deal--and other big-ticket phone mergers--may do little for consumers who want nothing more than basic phone service. Increasingly, phone company mergers are being driven by the desire to offer comprehensive packages that include everything from high-speed Internet access to video, wireless, international, long-distance and local phone service.
October 5, 1999 |
MCI WorldCom agreed Monday to buy Sprint Corp. for more than $100 billion, the highest priced merger in history and an acquisition that will have a far-reaching impact on the future of the telecommunications industry. The deal, in which BellSouth lost a short but intense bidding war, came after more than a week of speculation that Sprint would soon be purchased by MCI WorldCom to form a company with the heft to take on long-distance leader AT&T Corp. and growing rivals overseas.
August 27, 1999 |
MCI WorldCom Inc., the No. 2 U.S. long-distance telephone company, won federal regulatory approval for its planned purchase of SkyTel Communications Inc., the No. 2 paging company, for $1.75 billion in stock and assumed debt. The Federal Communications Commission ruled the transaction is in the public interest. No oppositions to the merger were filed, an agency spokeswoman said. Shareholders of SkyTel are to vote on the acquisition Sept. 29. On Nasdaq, MCI WorldCom shares fell $3.
August 16, 1999 |
MCI WorldCom Inc. said Sunday that it had completed recovery of its high-speed data network following a planned 24-hour outage in which it sought to correct problems that have gone on for 10 days. The recent problems with the company's domestic frame relay network have idled the Chicago Board of Trade's electronic trading system and disrupted service to thousands of businesses. The nation's No.
August 10, 1999 |
MCI WorldCom Inc., the No. 2 U.S. long-distance company, said it is offering evening and weekend rates as low as 5 cents a minute, a plan similar to one recently launched by Sprint. Separately, it said it has suffered service disruptions and traffic delays for four days on its frame relay network, which transmits data at high speeds for businesses. The Clinton, Miss.-based company said the problems began Friday and continued through Monday. The cause was not immediately known.
July 30, 1999 |
DaimlerChrysler reported an unexpected decline in profit for the second quarter as competition forced it to boost discounts on Chrysler vehicles and costs mounted for its Smart mini-car. The auto maker, Europe's largest industrial company, said earnings excluding one-time charges slipped 0.3% to $1.58 billion, or $1.53 a share, well below forecasts of $2 a share. Especially disappointing were lackluster earnings from U.S. car and light-truck operations, the auto maker's single largest unit.
July 2, 1999 |
Braving the wrath of customers and federal regulators, AT&T Corp., MCI WorldCom Inc. and Sprint Corp. are increasing customers' long-distance telephone charges to help pay for a $2.25-billion government-imposed Internet subsidy program. The increases by the three largest U.S. long-distance companies will raise the monthly fees that appear on all phone bills. Although the net effect will vary by customer and by company, the fee hike will generally range from a few pennies a month to a 1.
May 20, 1999 |
Legislation introduced in the Senate on Wednesday would provide for fines of up to $1 million on long-distance companies that switch consumers' phone service without their permission. The bill comes a day after a U.S. appeals court suspended tough new federal rules aimed at cracking down on the growing problem, known as "slamming." MCI WorldCom Inc. and other long-distance carriers had opposed the agency's new rules, and had come up with their own proposal for resolving such disputes.
May 17, 1999 |
AT&T Corp. and MCI WorldCom Inc. this week will host their annual shareholder meetings as stronger companies than they were a year ago, but both face challenges to extending the gains of their surging stocks, analysts say. Over the past year, AT&T, the No. 1 U.S. phone company, has announced about $120 billion in acquisitions that will allow it to reenter the local telephone market and become the largest cable television operator.