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Prodigy, Inc. Secures $49 Million Investment From Telefonos De Mexico, S.A. De C.V.

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--July 28, 1998--Prodigy announced today that Telefonos de Mexico ("Telmex"), a leading telecommunications company in Latin America, agreed to invest $49 million in cash in the company. The investment is subject to customary regulatory approvals and other conditions, and is expected to close within 30 days.

With the investment, Telmex secures a presence in the U.S. Internet market with one of the most successful Internet service providers.

"We're excited about this vote of confidence we've received from one of the world's premier telecommunications companies," said Samer Salameh, Chief Executive Officer of Prodigy, Inc.

About Prodigy Internet

Empowering members to use the Internet as a productivity tool has enabled Prodigy Internet to become a leading nationwide Internet service provider. Prodigy Internet won PC Magazine's "Editors' Choice Award" (9/9/97) as the country's best Internet service provider by sticking to its pledge: to enable members to get online, get what they need, and get on living. Prodigy Internet: It's a tool for living(tm).

About Telmex

Telmex is a leading telecommunications company in Mexico and Latin America. It operates the largest local and long distance network in Mexico with more than 19,000 miles of fiber optics. Telmex has $7.5 billion in annual revenues and serves more than 9.5 million residential and business customers.

CONTACT: RLM

Matt Debenham, 212/741-5106 x14
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Publication:Business Wire
Date:Jul 28, 1998
Words:229
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