Word: mccaw
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...Teaming up with Craig McCaw, whose McCaw cellular-phone firm is the largest in the U.S., Gates unveiled plans for Teledesic, a $9 billion wireless global- communications network, linked by 840 new satellites, that would deliver interactive video and other data services beginning in the year...
...little choice. AT&T's $12.6 billion acquisition of McCaw Cellular Communications, which is still awaiting approval by regulators, put sufficient competitive pressure on MCI that it went out and found its own wireless partner. In an ironic twist, MCI exited the cellular-phone business eight years ago by selling its licenses to McCaw for $120 million. The company is also financially pressed to reduce the $5 billion in fees that it pays to the local Baby Bells for the right to connect to the local telephone network. A wireless system would allow MCI largely to bypass the Baby Bells...
With the 2,500 radio frequencies acquired from Motorola, Nextel will have the potential to serve 180 million customers in 21 states, including 45 of the 50 largest cities. That would give the Rutherford, New Jersey, company access to nearly three times the number of customers now covered by McCaw Cellular , Communications, the nation's biggest cellular operator, which is being acquired by AT&T for $12.6 billion. Even though it will cost at least $2.5 billion to rebuild the SMR system into a cellular network, Nextel, which is backed by Comcast Corp. and Japan's Matsushita & Nippon Telegraph...
...stock instead of debt and the partners exchange handshakes instead of lawsuits. Typical was last week's $4 billion agreement for financial conglomerate Primerica to acquire the 73% that it does not already own of Travelers, the insurance company. So too were AT&T's $12.6 billion deal for McCaw Cellular in August and the $6 billion merger agreement between drug firms Merck and Medco last July. "These deals are boring," says a disgruntled veteran of the '80s. "Today, you actually have to sell the stuff on the fundamentals" -- how well companies fit together...
Although Ferguson will try to shoot down the deal, the AT&T-McCaw merger looks as if it may fly. While the Justice Department has yet to give the two companies the go-ahead, the FCC has in the past looked favorably at such transactions. If the agency does not approve, it can expect to be swiftly inundated with demands from the rest of the industry to be saved from the competitive behemoth that technology has spawned...