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To: JakeSki who wrote (6127)	3/9/1999 9:35:00 PM
From: E. Graphs	Read Replies (1) \| Respond to of 29970

AT&T completes $55 billion purchase of TCI dljdirect.com >>NEW YORK, March 9 (Reuters) - AT&T Corp. T.N on Tuesday completed its $55 billion acquisition of cable television giant Tele-Communications Inc. TCOMA.O, creating a one-stop shop for phone service, Internet access and cable television. "The closing of the TCI merger is a huge step forward in the transformation of AT&T to an 'any-distance' company," AT&T Chairman C. Michael Armstrong said in a statement. >>The combined company will offer long distance and cellular phone service, cable television and high-speed Internet access. AT&T, the No. 1 U.S. long distance company, also will provide local phone service over TCI's cable TV wires instead of traditional phone lines. >>AT&T and TCI together will reach about one-third of the nation. To extend that reach to up to two-thirds of the country, AT&T forged a joint venture with Time Warner Inc. TWX.N, the nation's largest cable television company, and is expected to form alliances with other cable companies such as MediaOne Group Inc. UMG.N, Comcast Corp. CMCSA.O and Cox Communications Inc. COX.N. >>Under the acquisition, TCI becomes AT&T's newest business unit, AT&T Broadband & Internet Services, and will be responsible for the company's cable ventures as well as its ownership interest in AtHome Corp ATHM.O, a high-speed Internet company. The unit will continue to be headquartered in the Denver area. >>All necessary approvals for the acquisition were obtained from the U.S. Department of Justice, the Federal Communications Commission, state and municipal regulators and TCI and AT&T shareowners. The boards of the two companies approved the merger when it was proposed in June 1998. >>The FCC blessed the AT&T-TCI deal last month, saying it hoped the deal would finally create substantial competition for the regional Bell companies, which so far have had a stranglehold on the residential local phone market. Regulators also approved the deal without requiring the companies to meet concessions sought by their rivals. Some Internet companies had urged regulators to require AT&T and TCI to grant open access to their high-speed Internet service to competitors....<<