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AT&T closes BellSouth buyout after FCC approval

AT&T closes BellSouth buyout after FCC approval

AT&T Inc. completed its $86 billion (euro65.3 billion) buyout of BellSouth Corp., the largest telecommunications takeover in U.S. history, shortly after the Federal Communications Commission unanimously approved the deal.
The FCC action came Friday, one day after the company offered new concessions for consumers and competitors.
Lawyers for AT&T and the two Democratic commissioners who had opposed the merger hammered out a compromise, the details of which were released Thursday night.
AT&T promised to observe "network neutrality" _ not to favor Internet content providers who pay the company more money _ and to offer $19.95 (euro15.15) per month stand-alone digital subscriber line service. AT&T will also divest some wireless spectrum.
AT&T offered the concessions after a little more than a week of marathon negotiations with lawyers who work for the two Democrats on the commission, Michael Copps and Jonathan Adelstein.
The combination of San Antonio, Texas-based AT&T and Atlanta-based BellSouth will have operations in 22 U.S. states. AT&T estimates that about 10,000 jobs will be phased out over three years.
Combined, the companies generate about $117 billion (euro88.84 billion) in revenue and operate 68.7 million local phone lines stretching coast to coast across the southern United States and up through the Midwest.
The buyout will also give AT&T complete control over Cingular Wireless, the United States' largest wireless telecommunications provider, which it owns in partnership with BellSouth.


Updated : 2021-05-11 19:50 GMT+08:00