AT&T;, British Telecom Venture Cleared

AT&T; Corp. and British Telecommunications won Federal Communications Commission approval for their planned $3-billion joint venture that will offer voice, data and Internet services globally. The FCC ruled that the joint venture, which will be known as Concert, would benefit American consumers, though it imposed a series of conditions to ensure that British Telecom, the dominant phone company in Britain, doesn’t “leverage” its market power in the U.S. The decision marks the final regulatory hurdle for the venture. “We are pleased the regulatory agencies both in Europe and the U.S. agree that our global joint venture will benefit customers, as well as the competitive telecommunications marketplace,” Concert Chief Executive David Dorman said. The FCC also required that AT&T-BT; comply with an agreement reached by the Defense and Justice departments and the Federal Bureau of Investigation aimed at making sure that the joint venture gives U.S. law enforcement officials access to their network for lawful electronic surveillance of calls. Shares of New York-based AT&T; closed down 38 cents at $43 on the NYSE.