Word: mergers
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...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...
...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...
Chairman Eisner and his No. 2 executive, former Creative Artists Agency chief and legendary dealmaker Michael Ovitz, have so far kept a low public profile and declined all interviews. But their hands have been evident in a number of major moves since the merger. One of Ovitz's former colleagues at CAA, Michael Rosenfeld, has been hired as an entertainment-division senior vice president, and more personnel shake-ups are expected, particularly after a disappointing season in which ABC fell to a weak No. 2 in the ratings--and third in the important February sweeps, the same month the merger...
...supportive," says Capital Cities/ABC president Robert Iger, who runs the TV, radio and publishing operations from New York. Iger points out that most of the big moves attributed to Disney--including the recently announced plans to launch a 24-hour cable news channel--were in the works before the merger. He acknowledges, however, that the news channel might not have happened without Disney's deep pockets and aggressiveness: "It would have been a tougher sell with [former Capital Cities/ABC chairman] Tom Murphy...