June 20, 1997 |
SBC Communications Inc. said it will take charges of up to $2.3 billion in 1997 following its April purchase of Pacific Telesis Group as the combined company pares operations to improve profit. The charges, due largely to write-offs on equipment and abandonment of video services projects, will enable the telecommunications company to add $1 billion in annual profit by 2000, SBC said, while resulting in a loss for the second quarter.
May 10, 1997 |
SBC Communications Inc., in its first report as a merged company after acquiring Pacific Telesis Group, reported higher first-quarter earnings. SBC said its earnings rose to $857 million, or 94 cents a share, on a pro forma basis that reflects the April 1 merger with Pacific Telesis, compared with earnings of $798 million, or 86 cents, in the year-ago quarter. San Antonio-based SBC Communications is the holding company for Southwestern Bell, Pacific Bell, Nevada Bell and Cellular One.
April 2, 1997 |
It's official: SBC Communications and Pacific Telesis Group have merged. Ed Whitacre and Phil Quigley, chairman and vice chairman, respectively, of the newly combined company, announced consummation of the deal Tuesday morning, a year to the day after the two Baby Bells revealed their intent to combine. Both companies' boards of directors met Monday afternoon, after the California Public Utilities Commission OKd the deal with a few conditions.
April 1, 1997 |
Clearing the way for a massive merger that will ultimately touch almost every resident of California, the state Public Utilities Commission on Monday gave final approval to SBC Communications' $16.5-billion acquisition of Pacific Telesis Group. In a 4-1 vote, the panel blessed the deal on the condition that the combined company refund $214 million to consumers and set aside $50 million over five years to bring new technology to underserved communities.
March 26, 1997 |
More than 2.3 million California households are dialing into the Internet, and those connections account for 27% of all residential phone use in California, according to a study released Tuesday by Pacific Telesis Group in support of its request to charge fees for access to the global computer network.
March 23, 1997 |
Officials at Pacific Telesis Group acknowledge that they were unaware former Associate Atty. Gen. Webster L. Hubbell, one of the firm's private advisors in the high-stakes battle over massive telecommunications legislation in 1994, worked at the same time for a competing telephone company. Hubbell's simultaneous consulting deals with Pacific Telesis, which provides local phone service in California and Nevada, and Sprint Corp.