AT&T Closes On Sale Of AT&T Solutions Customer Care Business and LIN TV.NEW YORK--(BUSINESS WIRE)--March 3, 1998--AT&T and Cincinnati Bell Cincinnati Bell is the dominant telephone company for Cincinnati, Ohio and its nearby suburbs in Ohio, Indiana and Kentucky. The parent company is named Cincinnati Bell Inc. Inc. today confirmed the sale of AT&T Solutions Customer Care (formerly American Transtech), to MATRIXX Marketing Inc., the teleservices unit of Cincinnati Bell, for approximately $625 million in cash. AT&T was advised by BT Wolfensohn and Wachtell, Lipton, Rosen & Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. on the sale. The company noted that it plans to retain AT&T Solutions -- its strategic consulting, systems integration and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. business. Also today, Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. , Muse, Tate & Furst finalized See finalization. the acquisition of LIN Television in which AT&T held a 45 percent interest. Under the terms of the final agreement, Hicks, Muse purchased LIN Television for $55 per share in cash, with AT&T receiving $745 million. AT&T acquired its stake in LIN Television through the September 1994 merger with McCaw Cellular Communications. Today's divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of both the AT&T Solutions Customer Care business and LIN Television yielded AT&T approximately $1.37 billion. Dan Somers, AT&T's Chief Financial Officer, said "These transactions demonstrate our progress to focus on our core portfolio of communications businesses and on our ability to quickly execute in today's competitive environment." CONTACT: AT&T Eileen M. Connolly 908/221-6731 (office) 914/361-3750 (home) e-mail: econnolly @att.com |
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