WorldCom-Intermedia Deal Advances

WorldCom Inc. won conditional approval from the U.S. Justice Department to acquire Intermedia Communications Inc. and thus control of the Web-hosting firm Digex Inc. Under the deal, the long-distance carrier will obtain a 55% equity stake and 94% voting stake in Digex, but it will divest the remaining operations and assets of Tampa, Fla.-based Intermedia to address antitrust concerns, the Justice Department said. The acquisition also requires approval from the Federal Communications Commission. Clinton, Miss.-based WorldCom closed off 25 cents at $15.75 on Nasdaq.