[10478] in Commercialization & Privatization of the Internet
BA/TCI END MERGER TALKS
daemon@ATHENA.MIT.EDU (Eric Rabe)
Fri Feb 25 08:08:43 1994
Date: Thu, 24 Feb 1994 17:00:23 -0500 (EST)
From: Eric Rabe <rabe@ba.com>
To: telecomreg <telecomreg@relay.adp.wisc.edu>,
Information regarding the merger should be directed to Bob
Fragola <fragola@ba.com>. Materials will be posted to the
gopher ba.com as they become available (On the list of all
the Gophers in the world).
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FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
February 23,1994 Jay Grossman 215-963-6521
Eric Rabe <rabe@ba.com>
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* BELL ATLANTIC, TCI-LIBERTY MEDIA END MERGER TALKS *
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ARLINGTON,VA -- Bell Atlantic Corporation, Tele-
Communications, Inc. and Liberty Media Corporation
announced today that they have been unable to reach
final agreement on their proposed merger and have
terminated negotiations.
"Of course, we are disappointed," said Raymond W.
Smith, Chairman and CEO of Bell Atlantic, "but the
unsettled regulatory climate made it too difficult for
the parties to value the future today. We have
developed great respect for TCI, Liberty and their
employees, and we look forward to working with them in
the future."
Smith said that the parties believed that they had
resolved their major differences, but the regulatory
actions announced this week made reaching agreement on a
transaction of this magnitude impossible.
John C. Malone, president of TCI and Chairman of
Liberty Media said, "Given market and regulatory
uncertainties, Ray and I concluded that this is not the
time to bring our companies together. We are discussing
other ways of working together, including possible joint
ventures to build full service networks, and joint
investment in programming."
Eric Rabe Voice: (703) 974-3036 Fax: (703) 974-0591
Bell Atlantic | Internet: rabe@ba.com
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* Bell Atlantic has established a gopher at ba.com *
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