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| Morning NewsCNN 20: WorldCom Takeover of MCIAired November 10, 2000 - 9:50 a.m. ETTHIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. (BEGIN VIDEOTAPE) (BEGIN VIDEO CLIP) STEVE YOUNG, CNN CORRESPONDENT (voice-over): WorldCom's buyout of MCI will crowd the leader AT&T on virtually every front. The combined company would be an even stronger number-two in U.S. long- distance. It would create the second biggest around the world carrier of voice, and it would have more Internet backbone than practically any other company. (END VIDEO CLIP) YOUNG: Well, it was, at the time, the biggest in history. It started out being a $30 billion deal. But it was an all stock deal. So the value changed as the value of WorldCom's stock changed. And it wound up being a $37 billion deal. (BEGIN VIDEO CLIP) YOUNG: MCI says it carefully considered GTE's all-cash $45 per share bid, but felt WorldCom and MCI had more complimentary strengths and the same business culture. ERIC STRUMINGNER, TELECOMMUNICATIONS ANALYST, PAINEWEBBER: With WorldCom you get business people running a telecom business, not telecom people running a telecom business. And I've always thought that that was one of the biggest differences between WorldCom and its major competitors. YOUNG: The combined company will have 22 million customers and 70,000 employees. It would have revenues of $32 billion and a market capitalization of $60 billion, right out of the box. (END VIDEO CLIP) YOUNG: As years went by, they also decided they needed wireless. They wanted Sprint, and U.S. government regulators considered that deal for a long time. In the end, that very important deal strategically to WorldCom was blocked because of government concerns. (END VIDEOTAPE) TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com |
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