May be it will be interesting for you
> At 08:00 AM 9/8/97 -0400, you wrote:
> >I just heard on the radio (NPR) that AOL bought CompuServe. I hope
> >isn't true- I respected CompuServe...
> Very interesting developments....
> Russ Haynal
> Monday September 8 5:50 AM EDT
> Company Press Release
> Source: WorldCom, Inc.
> WORLDCOM TO ACQUIRE COMPUSERVE AND AOL'S NETWORK
> SERVICES COMPANY, ANS COMMUNICATIONS, IN $1.2 BILLION
> INTERNET TRANSACTION
> UUNET To Create Powerful Combination of Internet Networks and Services
> Company Signs Long-Term Contracts To Become AOL's Largest Network
> WorldCom To Sell CompuServe Consumer On-Line Services To AOL
> JACKSON, Miss., Sept. 8 /PRNewswire/ -- WorldCom, Inc. (Nasdaq:WCOM),
> announced that it has agreed to
> acquire CompuServe from H&R Block in a stock for stock transaction.
> the terms of the agreement, each share of
> CompuServe stock will be converted into .40625 shares of WorldCom stock.
> Friday's closing, the value of the transaction
> was approximately $1.2 billion. The agreement was unanimously approved
> the Board of Directors of each company.
> Additionally, WorldCom has agreed to acquire ANS Communications from
> America OnLine (AOL), which will also sign a
> five year contract under which WorldCom will become AOL's largest
> service provider, in exchange for AOL
> receiving CompuServe's Interactive Services Division and $175 million in
> cash. WorldCom will retain the CompuServe
> Network Services (CNS) division.
> CompuServe Network Services (CNS)
> CNS owns and operates one of the largest and farthest-reaching data
> communications networks in the world. It comprises
> approximately 100,000 dial-up ``ports'' (a single port can support one
> dial-up user at a time) and has a presence in 105
> countries around the world. CNS provides value-added networking
> such as corporate intranets, transaction
> processing, and electronic commerce services to more than 1,200 high-end
> corporate customers through a sales force of more
> than 400 professionals with specialized training and technical
> AOL's Advanced Networks and Services (ANS)
> ANS operates one of the largest Internet networks, primarily on behalf
> its current parent company, AOL. In addition, ANS
> focuses on providing high value-added Internet solutions to large
> customers. ANS was originally formed to build and
> operate the U.S. National Science Foundation's backbone network for
> researchers and scientists, the origin of the Internet.
> The company then played a leading role in the Internet's transformation
> a mission critical tool being used by businesses
> worldwide today.
> Positions WorldCom for Changing Marketplace
> ``We believe these moves further distance us from all of the traditional
> carriers, as we continue to build a different kind of
> communications company,'' said Bernard J. Ebbers, WorldCom President and
> CEO. ``Following our successful merger with
> MFS and UUNET, this transaction underscores our belief that the
> communications marketplace has fundamentally changed. In
> this new world, customers are demanding increasingly advanced Internet
> data networking services. These acquisitions will
> further strengthen and broaden our Internet business. This is a
> which will contribute significantly to our revenue and
> growth and is expected to be accretive to earnings.''
> ``We are excited about the prospect of forming this strategic
> with AOL, the leading on-line service provider, and
> we welcome the prospect of Steve Case, CEO of AOL, joining our Board of
> Steve Case, Chairman and CEO of AOL, said: ``We believe our long-term
> network capacity agreement with WorldCom lays
> the foundation for a strong and productive partnership between our two
> companies, including working together to develop
> broadband solutions in the future. We look forward to working together
> WorldCom for years to come.''
> Financial and Strategic Benefits to WorldCom
> Through its UUNET subsidiary, WorldCom already holds a leading position
> the global Internet market, and the transactions
> announced today further strengthen and broaden that position --
> particularly with respect to its value-added product and
> services portfolio. The transaction yields numerous financial and
> benefits to the company. The transaction:
> -- Substantially increases revenues and revenue growth;
> -- Continues WorldCom's recent revenue diversification in favor of
> high-growth Internet, corporate data networking and international
> market segments;
> -- Enables UUNET to benefit from the economies of scale inherent in
> sharing our network infrastructure with ANS and CNS;
> -- Complements UUNET's core Internet access and hosting services
> and CNS value-added product lines, and associated sales channels;
> -- Enables ANS and CNS to leverage WorldCom's global transmission
> within their product lines, thus making those products more
> WorldCom's UUNET Enhances Position as World's Leading Commercial ISP
> ``We think these moves position WorldCom and UUNET at the forefront of
> Internet world,'' said John Sidgmore,
> WorldCom Vice Chairman and Chief Operations Officer, and UUNET CEO.
> only will the transaction generate
> significant revenues, it will yield crucial economies of scale, which
> augment our ability to compete with new Internet
> entrants, such as the RBOCs. Through these acquisitions, we will be able
> provide our business customers with the broadest
> range of Internet services available, over the broadest and most
> geographically far reaching infrastructure available.''
> The core network infrastructures of both ANS and CompuServe, together
> UUNET's existing dial network, create the
> most significant Internet network in the world with more than half a
> million dial access ports. Ensuring the highest quality of
> service to customers will be a top priority. The combination of network
> infrastructures will be used by AOL and CompuServe
> as well as by existing UUNET customers including Microsoft and many
> UUNET will also gain the business traffic of
> CNS' and ANS' more than 1,600 commercial customers. In addition, the
> acquisitions expand UUNET's value- added product
> offerings to include corporate Intranets, managed network services,
> relay services, security monitoring, groupware
> hosting, transaction services, and electronic commerce.
> The CompuServe transaction is subject to CompuServe shareholder
> Hart-Scott-Rodino review and other
> customary closing conditions. H&R Block, which owns approximately 80
> percent of CompuServe's stock, has agreed to vote
> its shares in favor of the transaction and granted WorldCom a proxy to
> such shares in connection with the CompuServe
> stockholders' meeting. H&R Block also granted WorldCom an option to
> such shares.
> Except for the historical information contained herein, the matters
> discussed in this news release are forward looking statements
> that involve risk and uncertainties as detailed from time to time in
> various regulatory filings. Actual results may vary significantly
> from these statements.
> WorldCom is a global business telecommunications company. Operating in
> than 50 countries, the company is a premier
> provider of facilities-based and fully integrated local, long distance,
> international and Internet services. WorldCom's subsidiary,
> UUNET Technologies, Inc., is an international provider of Internet
> with over 1,000 Points of Presence (PoPs)
> throughout the United States and in Canada, Europe and the Asia-Pacific
> region. WorldCom's World Wide Web address is
> http://www.wcom.com. The common and depositary shares of WorldCom trade
> the Nasdaq national market (US) under
> the symbols WCOM and WCOMP, respectively.
> SOURCE: WorldCom, Inc.
> Russ Haynal - Internet Consultant, Instructor, Speaker
> "Helping organizations gain the most benefit from the Internet"
> firstname.lastname@example.org http://navigators.com 703-729-1757
> Author:"Internet; A Knowledge Odyssey" (Top-rated CD-ROM Tutorial)
> Available from MindQ Publishing: http://www.mindq.com
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