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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: Dave Gore who wrote (2058)1/17/2001 2:16:12 PM
From: robsiv  Read Replies (1) of 6445
 
Worldcom says gets FCC okay on Intermedia, Digex
WASHINGTON, Jan 17 (Reuters) - WorldCom Inc. (NasdaqNM:WCOM - news) said it had cleared the last major regulatory hurdle on Wednesday to acquiring Intermedia Communications Inc. (NasdaqNM:ICIX - news), but the company still faces a legal battle over the purchase which includes a controlling stake in Digex Inc. (NasdaqNM:DIGX - news)

A Federal Communications Commission spokeswoman confirmed the agency had given its approval but had no details on the vote or whether any conditions were attached.

WorldCom's Intermedia purchase would give the nation's No. 2 long-distance telephone company a 55 percent equity stake and 94 percent voting stake in Digex that monitors Web-hosting performance and provides Internet connections as well as storage for those Web sites.

Digex minority holders have sued five directors, WorldCom and Intermedia to block the merger amid questions of whether they acted improperly when they supported Intermedia's proposed merger with WorldCom by waiving the legal rights of the Digex minority holders.

``This is a significant step in the regulatory review process. Worldcom looks forward to completing the remaining state level'' requirements, said Worldcom spokesman Peter Lucht.
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