News In Brief
In a bidding war for Sprint Corp., two suitors have reportedly made offers that could lead to the largest corporate takeover in history - eclipsing last year's $82.5 billion merger between oil giants Exxon and Mobil. Executives at Sprint, the third-largest US long-distance telephone company, were comparing a $93 billion bid from MCI Worldcom with a $100 billion offer from BellSouth, sources familiar with the situation told The New York Times, The Wall Street Journal, and USA Today. Meanwhile, Germany's Deutsche Telekom reportedly was considering a bid of its own for Sprint. MCI's offer is reportedly a stock swap; BellSouth's a combination of cash and stock.
Clear Channel Communications Inc. said it is buying AMFM Inc. for $17.4 billion in stock, creating a company that could dominate US airwaves with 830 radio stations. To try to blunt antitrust challenges, executives plan to sell 125 of those. The combined company, keeping the Clear Channel name, also will own 19 TV stations and 425,000 outdoor billboards. AMFM, whose headquarters are in Dallas, has been struggling with $6.1 billion in debt, which will be assumed by San Antonio-based Clear Channel.
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