Reporter: David Speakman
Company #2Sprint FON
Company #3Sprint PCS
Company #7Bell Atlantic
Headline: MCI WorldCom, Sprint Ask FCC to Approve $129B Merger
MCI WorldCom and Sprint filed papers with the Federal Communications Commission asking for approval of the planned 129 billion dollar merger of the two telecom giants.
In the joint application, the companies said a merger will create a strengthened competitor that can crack open local markets and bring voice and broadband serves to customers.
Included in the application were briefs by the company officers and outside experts saying a combination of the two companies would be beneficial to customers and industry competition.
Before approval is granted, some analysts expect the FCC to force the companies to divest part of their Internet holdings and Sprints local telephone business.
ON Wednesday, MCI WordlCom closed down 1 ½ to 88 ½.
Sprint FON Group closed the day trading down about a point at 74 1/16.