Word: mci
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Dates: during 1980-1989
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Many oil-industry officials were stunned by the decision and could see little hope for Texaco, but others felt that another court will still force a compromise or lower the settlement. In 1980 AT&T was initially ordered to pay its long-distance rival MCI $1.8 billion for thwarting competition in the telephone business. The amount was later reduced to $113.4 million...
...deal with MCI, IBM agreed to turn over Satellite Business Systems to MCI. In exchange, the computer company got 45 million MCI shares, or 16% of the total outstanding, along with the rights to buy another 7 million. IBM promised to invest an additional $400 million in MCI during the next three years...
...partnership will bring immediate benefits to both companies. IBM stands to gain experience in telecommunications and get rid of the troubled SBS. For | MCI, a transfer of IBM's long-distance business could bring as much as $100 million a year in revenue. In addition, MCI will immediately gain more than 200,000 customers from SBS, representing about $35 million in monthly revenues and 1% of the long-distance market...
...sense, the IBM move represents a sweet revenge for MCI against its telephone rival. In May a federal jury awarded MCI just $37.8 million in its decade-old suit against AT&T. MCI had asked for nearly $6 billion in damages, accusing the telephone giant of unfair marketing practices. Said MCI Chairman William G. McGowan last week: "We were looking for a major investor. The best of all worlds is one with a name like IBM and a lot of money. We got both...
...with any clash of empires, the battle of the giants in telecommunications is going to make it difficult for anyone smaller to survive. GTE (1984 sales: $14.5 billion), for example, is having troubles with Sprint, its long-distance telephone service. MCI may have found the secret for survival by hitching its wagon to IBM's star...