BOSTON (06/15/2000) - AT&T Corp. announced on Thursday that it has completed its merger with cable company MediaOne Group Inc., making the telecommunications provider the largest cable operator in the country, with 16 million customers.
AT&T acquired MediaOne for about US$44 billion, based on AT&T's Wednesday closing stock price of $33.50 per share. The deal was finalized after the U.S.
Federal Communications Commission (FCC), the U.S. Department of Justice and other regulators gave approval.
MediaOne will become part of AT&T Broadband, based near Denver, Colorado, AT&T said in a written statement. In the coming months, the cable company's services will be renamed under the AT&T brand.
Current MediaOne shareholders will be allowed to exchange their shares for cash, stock or both. AT&T will also issue 606 million shares of its stock and $23 billion in cash to complete the deal.
AT&T, in New York, can be reached at +1-801-221-6000 or via the World Wide Web at http://www.att.com