*Spotlight on Nynex Corp.: With more than...

*Spotlight on Nynex Corp.: With more than 81,000 employees, the New York-based company is the fourth-largest of the seven Baby Bells when measured by phone lines offered. Commenting on the company’s upcoming challenges, analyst William N. Deatherage at S.G. Warburg & Co. said: “Their service region is the most vulnerable in the country to competition because of its density and high concentration of businesses. They have essentially gone after the low-hanging fruit in the past, and that’s not good enough for the future--where competition will increase from cable and other telecommunications providers.”

Major Properties

*Telephone: Operates 16 million phone lines serving seven Northeastern states

*Wireless: Serves more than 500,000 cellular customers

*Other holdings: Nynex Cablecomms, the largest combined cable and telephone provider in Britain

Financial Data

*Market capitalization: $17.2 billion

*Cash: $88.9 million

*Long-term debt: $7.0 billion

*1992 revenue: $13.2 billion

*1992 profit: $1.3 billion

*Earnings per share: $6.40