Word: cellularized
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Together, AT&T and McCaw will give rivals plenty of reason to fret. They are expected to strengthen each other's hold on their respective markets. By linking its own computerized telephone grid with McCaw's advanced cellular network, AT&T is expected to develop a broad menu of customized services. It could, for instance, bundle telephone handsets, long-distance and cellular service in a single package. With AT&T, Craig McCaw moves one step closer to realizing his biggest dream: building the first nationwide cellular-telephone network...
...merger turned out to be the richest -- and luckiest -- deal in McCaw's life. The two companies had first spoken of the arrangement last November when AT&T agreed to acquire 33% of McCaw Cellular of Kirkland, Washington, for $3.8 billion. Negotiations stalled, however, over the issue of how to divvy up strategic decisions and future profits. The solution of buying all of McCaw, rather than just part of it, might not have been possible a few months ago. Fortune intervened, however, when the value of AT&T's stock rose 46%, or $26.5 billion, between November and two weeks...
...television businesses that was put together in the 1960s by J. Elroy McCaw. After their father's sudden death in 1969, Craig and his brothers built a cable empire that they finally sold in 1987 to Jack Kent Cooke for $755 million. The McCaws had switched their focus to cellular, becoming initial bidders for cellular-telephone licenses after the Federal Communications Commission opened up that business to competition in the early 1980s. McCaw's big break came in 1986, when the company acquired the cellular business of MCI for $120 million. A year later, it bought the Washington Post...
...most valuable commodity of McCaw Cellular is Craig McCaw. Soft- spoken and unassuming, McCaw is a demanding chief executive who drives a 10-year-old car and wears a $30 plastic digital watch. A licensed pilot, he relaxes by flying his De Havilland-Beaver seaplane to remote lakes in the Pacific Northwest. The McCaw family, including Craig and his brothers, owned 20% of their company's stock. When the AT&T purchase is completed, their holdings will be worth a combined $2.8 billion, making the McCaws AT&T's largest independent shareholders. Craig, who will become an AT&T board...
...Even with that burden, McCaw is expected to play a crucial role in AT&T's quest to conquer the emerging field of wireless communications. Almost all calls now originate or terminate on conventional wall-jack telephones (even if they are cordless within the home). But analysts predict that cellular-type phones will gradually replace hard-wired sets. That could mean trouble for local telephone companies, whose monopoly depends on phones remaining tied down to a small area...