US FCC approves two huge telecom mergers

0 Comments | AFP, October, 2005

WASHINGTON (AFP) — The Federal Communications Commission approved SBC Communications' acquisition of AT and T Corp. and Verizon's purchase of MCI, increasing the size of the two largest US telecom groups.

The FCC's four commissioners -- one seat is vacant -- voted just days after antitrust reviewers at the Justice Department approved the deals, with minor conditions.

SBC is buying the historic AT and T Corp. -- the company once known as "Ma Bell" for 16 billion dollars and Verizon gets MCI, the remnants of the scandal-tainted WorldCom, for about 8.5 billion dollars.

When the deals are complete, both firms will have annual revenues topping 70 billion dollars and national as well as global reach.

The FCC vote was originally scheduled for Friday, but...