Word: qwest
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...their retirement savings in company stock saw their investments wiped out. Bryant's stake dwindled from $39,000 to $4,000. (It's scant solace that WorldCom emerged from bankruptcy under the less tainted name of MCI, now a takeover target likely to fetch upwards of $8 billion from Qwest or Verizon.) WorldCom bond investors had a second reason to cheer when J.P. Morgan Chase agreed last week to pay $2 billion to settle investor claims, joining Citigroup and other Wall Street firms that had underwritten a WorldCom bond issue only about a year before the telecom went bust. With...
...INDICATORS Call waiting? Capping a flurry of merger activity in the U.S. telecom sector, MCI accepted a $6.75 billion takeover offer from Verizon Communications, after spurning an $8 billion bid from rival Qwest Communications International. By week's end, Qwest had announced plans to counterbid...
...employees can reduce its long-distance bill 70%--some of that lost revenue can probably be regained over the long term through value-added services that the voice-data combination is just beginning to make possible. For that reason, most of the major phone companies--AT&T, BellSouth, Qwest Communications, Sprint and Verizon--have already announced a VOIP offering of some sort. They too are responding to upstarts like end-to-end IP service provider GoBeam, based in Pleasanton, Calif. Ultimately, residential customers will reap some of the same rewards...
...supposed to help break the Baby Bells' hammerlock on local phone service, competition in the residential market is finally starting to heat up--and the Bells' once dependable growth is cooling down. Thanks to newly aggressive state regulators who are forcing BellSouth, SBC Communications, Verizon and the much smaller Qwest to lease their networks to competitors at lower prices, rivals like AT&T and MCI are for the first time snapping up some of the most lucrative customers. "Now we have a real fight," says former Federal Communications Commission (FCC) chairman Reed Hundt, a key architect of the 1996 landmark...
Echoing most telecom-industry analysts, Powell has made clear that he thinks that the industry may well need another round of consolidation to get back on sound footing--whether that means SBC and BellSouth or Verizon and Qwest joining forces, the Bells snapping up their newfound competitors at AT&T and MCI, or some of the six major wireless carriers finding strength in numbers. But, as Gene Kimmelman, co-director of the Washington office of Consumers Union, points out, "If Powell goes too hard too fast, he could end up with egg all over his face, with a more monopolistic...