Word: marketization
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Dates: during 1990-1999
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When C. Michael Armstrong became chairman and chief executive of AT&T last fall, he inherited what looked to be one of America's last business dinosaurs: balky Baby Bells were frustrating Ma Bell's costly drive into the $110 billion local service market, a much-publicized mass layoff of 40,000 employees had failed to boost business, and worst of all, the largest U.S. telephone company (1997 revenues: $51.3 billion) was stuck on the sidelines, while upstarts such as WorldCom and MCI were teaming to deliver everything from long-distance service to high-speed Internet access. "This marvelous industry...
...provide local calling--plus a full package of communications and entertainment services--than to scoop up TCI, the second-largest U.S. cable operator after Time Warner? Never mind that the final price of $31.5 billion in AT&T stock was a lofty $8.5 billion premium over TCI's market value. Or that Malone's cable-TV wires, which run through neighborhoods with 33 million homes (about a third of all U.S. households), were mostly a year or more away from the upgrades needed to carry two-way phone traffic. Or even that Malone's record as a visionary...
...same time, AT&T plans to spend some $400 per household to install the digital set-top boxes that will serve as portals to high-speed networks that will carry voice, video and data signals. So eager are the companies to get started that they plan to cross-market their cable and telephone services even as regulators review the merger--a strategy sure to bring little joy to households already swamped by come...
Maria Lammers looked stunned when she heard the news from this reporter. Wiping her hands on her well-worn cook's apron, the bespectacled owner of the 25-year-old Gallagher's farm market and bakery could barely contain her excitement: "That's wonderful! That's great!" Fire up your ovens! It's a new dawn at the National Cherry Festival, for 72 years a celebrated rite of summer in quaint Traverse City, Mich. For the first time in more than two decades, you'll be able to buy a slice of freshly made cherry pie at the fest, which...
...smaller businesses. Indeed, the victory for vendors and consumers could well be the festival's loss. The 6,000 Sara Lee slices typically sold at the festival are donated by the company, with proceeds funneled back to the festival organization. But next week Sue Musser of Selkirk's market will be eagerly serving customers for the first time. She predicts that her pie sales will double to 1,200, thanks to pastry reform. (Whole-pie sales were always allowed, but really, who wants to lug around a 10-in. tin while you're strolling around a festival?) And how about...