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News > Companies
AT&T to exit long-distance?
October 4, 2000: 1:07 p.m. ET

Management reportedly proposes spinning off unit to shareholders
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NEW YORK (CNNfn) - AT&T Corp. has been shedding business units since a government-ordered breakup in 1984 and now management is proposing to spin off of its venerable consumer long-distance business.

Citing people familiar with the matter, the Wall Street Journal reported Wednesday that AT&T is leaning toward a spinoff rather than outright sale of its long-distance business. The proposal was presented to the company board at its annual retreat last month, the newspaper said.

AT&T officials declined to comment Wednesday. The company's stock was up 63 cents at $29.75 shortly after 1 p.m. ET.

graphicAT&T, still the nation's No. 1 long-distance carrier, recently has been seeking ways to boost its sagging share prices, including a possible linkup with British Telecommunications PLC. ATT Wireless, which was spun off from the parent company earlier this year, is actively courting a merger with wireless firm Nextel Communications.

AT&T hopes to consummate one or both deals before its late October board meeting and before announcing the consumer long-distance spinoff, the newspaper said.

Shares of AT&T (T: Research, Estimates) added 12 cents to $29.12 Tuesday but still are trading just above a yearly low of $27.25. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.