MCI offers to sell assets to speed deal
Article Abstract:
MCI offered to sell additional company Internet assets in hopes of expediting US approval of its acquisition by WorldCom. Senior Justice Department antitrust officials told MCI Chmn Bert C. Roberts Jr. and other company officials that a likely prerequisite would involve either MCI or WorldCom to divest its entire Internet business, according to attorney insiders. Regulatory issues, especially from the European Union, have inquired whether the proposed MCI-WorldCom merger would control major Internet arteries. The latest MCI offer also raises new questions, such as who would receive the MCI assets and how a new sale might alter the proposed $37 billion MCI-WorldCom accord. Potential suitors include Cable and Wireless, which has filed a federal lawsuit to preserve its recent acquisition of other MCI Internet assets, as well as possibly Williams, IXC Communications, British Telecommunications and PSINet.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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MCI posts $182 million loss on charges of $515 million amid takeover bids
Article Abstract:
MCI reported a loss of $182 million, or 26 cents a share, for the 3rd qtr 1997. The figure includes $515 million in pretax charges to shed less profitable businesses. MCI said it would have gained $135 million, or 19 cents a share, if not for the charges. This compares to analysts' projections of 18 cents a share, according to First Call. By comparison, MCI earned $304 million, or 44 cents a share, in the 3rd qtr 1996. MCI, which increased its investment in challenging Baby Bells, announced growing local telephone business losses. MCI long-distance traffic increased 6% in the 3rd qtr 1997, compared to AT&T's 10% in the same period. Information technology revenue totaled $430 million, a 27% jump over 1996. Long-distance, which accounts for 90% of MCI's revenue, sank from $381 million in 1996 to $48 million after special charges.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1997
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MCI to sell Concert stake to partner
Article Abstract:
British Telecommunications PLC will pay $1 billion to acquire MCI's 24.9% stake in their joint venture, Concert Communications Services. The deal concludes relations between the British Telecom and MCI, which at one time were negotiating to merge. The new announcement follows another by British Telecom that it will form a joint venture with AT&T Corp, MCI's rival. That venture, which will include Concert, will provide telephone and data services to multinational corporations worldwide. British Telecom intends to use Concert as a model for the joint venture with AT&T. 'One-stop shopping' for telecommunications services will be offered. On Aug 12, 1998, MCI shares rose $1.375, closing at $61.75. British Telecom's American depository receipts were up $2, at $133.375 on the New York Stock Exchange.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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