December 11, 1999 |
A Federal Communications Commission internal memorandum calls the proposed $129-billion merger of MCI WorldCom Inc. and Sprint Corp. an "intolerable" blow to competition--the latest sign of the regulatory difficulties facing the mega-merger. The Oct. 21 memo obtained by the Washington Post was written by Tom Krattenmaker, the research director of the FCC's Office of Plans and Policy. He has led the assessment of a host of enormous mergers and formerly worked in the Justice Department.
October 29, 1999 |
MCI WorldCom Inc., which is acquiring rival Sprint Corp. in what would be the largest-ever corporate takeover, said Thursday that its profit more than tripled in its third quarter as demand for data services surged. The long-distance company said net income rose to $1.1 billion, or 55 cents a share, from $359 million, or 19 cents, a year ago. Analysts were expecting earnings of 54 cents this quarter, the average forecast of 25 analysts surveyed by First Call Corp.
October 11, 1999 |
As speculation mounted in the weeks leading up to last week's announcement of a merger deal between MCI WorldCom and Sprint, some analysts worried that the corporate cultures of the two companies might not jibe. After all, Sprint Chairman William Esrey is a former investment banker, and MCI WorldCom chief Bernie Ebbers was once a cowboy. But as it turned out, the two have more in common than they thought.
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.
October 4, 1999 |
BellSouth Corp. has entered the bidding for Sprint Corp., the nation's third-largest long-distance company, seeking to pry it from MCI WorldCom Inc., which has come close to a deal in ongoing merger talks with Sprint, sources with knowledge of the talks said. BellSouth's entry complicates MCI's efforts to complete a deal that would stand as the latest in a series of monster mergers that have reshaped the telecommunications industry. MCI has come to see Westwood, Kan.
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.