Word: mccaw
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...announced it would acquire McCaw Cellular Communications, the nation's largest cellular-telephone company, for $12.6 billion. The pending deal has prompted antitrust concerns as Ma Bell hopes to stake its place in the booming wireless communications business, bypassing the Baby Bell systems that now handle cellular calls...
...highly personal kind of deal, done in a quiet hallway of a New York City hotel, man to man. The place was the Waldorf Astoria, and the players were Robert Allen, chairman of AT&T, and Craig McCaw, head of McCaw Cellular Communications. In the middle of an edgy negotiation, they had left their factotums, emissaries and lieutenants behind and paced the corridor together for just 20 minutes before shaking hands on a transaction in which the largest U.S. telephone company would buy the No. 1 provider of cellular service for $12.6 billion in stock. In the process, Craig McCaw...
...McCaw merger, which ranks as the fifth largest in U.S. corporate history, raises the ante in an industry that is being radically reshaped by emerging technologies, falling regulatory barriers and a series of powerful partnerships and alliances. It comes only weeks after phone giant British Telecom spent $5.3 billion for a 20% stake in MCI Communications, the second largest U.S. provider of long-distance service, and it closely follows U S West's $2.5 billion investment in media conglomerate Time Warner. Although the merger is praised by consumer groups because it could lead to lower phone rates and innovative products...
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...
Another way AT&T can directly connect to consumers is through the cellular market, which was one reason for its $3.8 billion purchase of 33% of McCaw Cellular Communications, the largest cellular company. This, however, could present regulatory problems. The seven regional Baby Bells accuse AT&T of trying to subvert the 1984 divestiture order by using the McCaw link to surreptitiously re-enter the local phone business. They want the Federal Communications Commission either to force AT&T to dissolve its McCaw alliance, or to lift the ban prohibiting local phone companies from offering long- distance service. Says Richard...