AT&T breakup

It was a deal that changed the way Americans would "reach out and touch someone." The <a class="taxInlineTagLink" id="ORGOV0000160" title="U.S. Department of Justice" href="/topic/crime-law-justice/u.s.-department-of-justice-ORGOV0000160.topic">U.S. Department of  Justice</a>'s antitrust case against the telephone giant ended in a landmark agreement on Jan. 8, 1982, with the company agreeing to divest its local exchange companies, creating seven new regional phone companies that became known as Baby Bells.

( Peter Foley / Bloomberg )

It was a deal that changed the way Americans would "reach out and touch someone." The U.S. Department of Justice's antitrust case against the telephone giant ended in a landmark agreement on Jan. 8, 1982, with the company agreeing to divest its local exchange companies, creating seven new regional phone companies that became known as Baby Bells.

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