New! Improved? TV's Bell telephone hour
Article Abstract:
Former CBS Pres Howard Stringer will act as chairman of a new interactive television venture organized by three Bell companies, Nynex, Pacific Telesis and Bell Atlantic. Stringer comes to the still unnamed company after serving for 30 years at CBS, where he was awarded an Emmy for producing the CBS News. He hopes to leverage his past experience in the new venture which will offer information, home-shopping and entertainment programming to consumers via phone lines. Each of the participating Bell companies have agreed to invest $100 million to get the new venture started and each will own one-third of the new entity. The company will compete against cable operators and those offering direct-broadcast satellite services. It will also compete against another Bell consortium planning to enter the interactive market. The second consortium is made up of Ameritech, Bell South, SBC Communications and the Walt Disney Company.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1995
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2 Baby Bells said to settle a final issue; NYNEX and Bell Atlantic appear close to merger
Article Abstract:
Bell Atlantic and NYNEX agree to the terms of a proposed merger that would create the second largest telecommunications company in the US from the combined assets of the two RBOCs. The agreement would join two of the largest remaining Bell companies, providing unified service to the majority of Northeastern US telecommunications customers. Bell Atlantic Chmn Raymond W. Smith is expected to hold the same post at the combined company for one year after the merger's completion, ultimately turning control of the company over to NYNEX Chmn Ivan G. Seidenberg. Financial terms of the agreement are expected to include a stock swap in which NYNEX stock will be valued at slightly less than present market value, thus accounting for recent increases associated with the merger's speculation.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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NYNEX and Bell Atlantic reach accord on merger; links 36 million customers; job cuts expected; union says it will fight 'with every resource available to us.' (Company Business and Marketing)
Article Abstract:
Bell Atlantic and NYNEX agree to the terms a long-discussed merger, creating an entity with annual sales of $27 billion, 127,600 employees, a $51 billion stock valuation and access to approximately 36 million customers. The agreement makes the combined company the second largest telecommunications company in the US, offering service to the primary political, financial and population areas on the Atlantic seaboard. A contingent of union leaders are publicly opposed to the merger, citing fears of large-scale employee layoffs and diminished customer service. Shareholders for each company will exchange their stocks for shares in the combined company, with NYNEX stock discounted slightly to compensate for recent market fluctuation due to market speculation surrounding the merger.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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