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Technology Stocks : Williams Communications Group - WCG

WCG 349.92

+1.4%

Jan 23 4:00 PM EST

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To: Michael W. Brom who wrote (162)	10/16/1999 11:33:00 AM
From: Steve Rubakh	Read Replies (1) of 609

SBC to spend $6 billion on high-speed Net services By Bloomberg News Special to CNET News.com October 15, 1999, 4:10 p.m. PT SAN ANTONIO, Texas--SBC Communications said it plans to spend $6 billion over the next three years to offer high-speed Internet access and other new services to customers in 13 states. "Project Pronto," as the Quote Snapshot SBC 48.69 -2.69 Enter symbol: ú Symbol Lookup More from CNET Investor Quotes delayed 20+ minutes initiative will be known, will generate annual savings of $1.5 billion by 2004, SBC said in an investor briefing posted late today on its Internet site. Capital and expense savings will pay for Project Pronto, which will generate $3.5 billion in new revenue by 2004. SBC and other local phone companies are racing to sell high-speed Internet access and other services to consumers and businesses as demand for data soars. It's also looking to compete against AT&T, which has bet more than $100 billion on offering high-speed Internet and other services using cable networks. San Antonio-based SBC completed its $80.6 billion acquisition of local phone company Ameritech last week. The combined company offers service to two-thirds of the U.S. population and will have annual revenue of $46 billion. The Federal Communications Commission approved the SBC-Ameritech union with conditions aimed at increasing competition in both companies' regions, including the stipulation that SBC enter 30 new markets in the next 30 months. The companies agreed to pay more than $1.2 billion in penalties if they fail to meet the conditions. <<The company declined to comment and analysts said they'd been notified that SBC plans a briefing on its broadband strategy Monday at 9 a.m. in New York City.>>> Chief executive Edward Whitacre Jr. and chief financial officer Donald Kiernan are to attend.

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