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CNN 20: WorldCom Takeover of MCI

Aired November 10, 2000 - 9:50 a.m. ET

THIS 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)

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