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Technology Stocks : America On-Line (AOL)
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To: Steeny who wrote (15690)5/7/1999 2:45:00 PM
From: JayPC  Read Replies (1) of 41369
 
"FCC warns AT&T, MediaOne deal needs careful scrutiny
WASHINGTON, May 7 (Reuters) - U.S. Federal Communications Commission Chairman William Kennard on Friday warned that AT&T Corp.'s (T - news) complex acquisition of MediaOne Group Inc. (UMG - news) would require extensive review by his agency.

''This is a complex transaction,'' Kennard said in a statement. ''Because of its size and reach and the many novel legal and policy issues involved, this proposed merger warrants very careful scrutiny.''

Kennard's agency has the ability to block mergers or impose conditions if it concludes that a deal is not in the public interest or harms consumers or other market players.

AT&T agreed earlier this week to buy MediaOne, the third-largest U.S. cable company, in a $58-billion deal that would make the long-distance phone giant the largest U.S. cable operator.

AT&T has repeatedly tried to assure investors that it would take whatever steps necessary to comply with U.S. laws and FCC rules to allow the deal to go ahead.

Kennard's short statement was in sharp contrast to his remarks last year, when he welcomed AT&T's first cable acquisition, a $48 billion purchase of Tele-Communications Inc."

It will be looked at closely, but i believe this "AT&T has repeatedly tried to assure investors that it would take whatever steps necessary to comply with U.S. laws and FCC rules to allow the deal to go ahead." I guess the question to ask yourself is specifically how does this harm consumers?

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Jay
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