Word: merger
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Dates: during 1990-1999
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Garrison Keillor deftly nailed the repercussions of corporate downsizing [ESSAY, April 22] and validated many of the emotions that people where I work are experiencing post-merger. The nirvanic green world that beckons out there is a place from which many of us unwittingly withdrew years ago. Now Big Business waits quietly in a dark cloak carrying a scythe. It stalks the very elements that made it profitable and yielded it market share--its people who have labored so hard. The parvenues of "new management" will wring out every last drop of dedication from the drones in the name...
...suitors were Raymond Smith and Ivan Seidenberg, CEOs of telephone gargantuans Bell Atlantic and NYNEX. Their moment came in February as they watched Bill Clinton sign the Telecommunications Act of 1996, which paved the way for last week's $22 billion merger of Bell Atlantic and NYNEX. The new company, to be called Bell Atlantic, will have revenues of nearly $27 billion, second only to those of AT&T in the business, and will offer a wealth of data services to about 36 million East Coast customers--some 22% of all U.S. subscribers...
...deal, which comes just weeks after the $17 billion-merger announcement of Pacific Telesis and SBC Communications (ne Southwestern Bell), confirms that the Baby Bells have hit their Terrible Teens. Now, 12 years after the Federal Government broke up Ma Bell, deregulation and the digital era have transformed the info-delivery business. Cable companies will offer phone service, the Bells will pump Stallone flicks down your phone lines and satellite moguls will do battle from...
Such hymns to synergy grate on the loose coalition of consumer advocates, labor and industry groups fighting the merger. "The industry is moving in the exact opposite direction of competition," fumes Bradley Stillman of the Consumer Federation of America. He may not be factoring in the World Wide Web, the information network that links computers and perhaps eventually phones and televisions. Bell Atlantic, says Smith, will offer Internet access and Web-based software even as it fights for long-distance, cellular and wireless turf. "This is not going to be a fight over plain old telephones," he vows...
...YORK: In the second-largest corporate merger in history, two more Baby Bells have agreed to join in a deal that would create the nation's second-largest phone company. Bell Atlantic and Nynex announced the $23 billion deal Monday, three weeks after SBC Communications and Pacific Telesis unveiled their merger plans. Both mergers were given the green light after President Clinton signed a sweeping deregulation of the telecommunications industry into law two months ago. "In the aftermath of deregulation, these two large companies are trying to manouver in an exceptional communication and media world," says TIME's Michael Krantz...