WorldCom to Sharply Reduce 2002 Spending

WorldCom Group, the unit of WorldCom Inc. that owns the largest Internet network, will reduce capital spending as much as 31% next year, to $5.5 billion, as some equipment suppliers cut their prices.

WorldCom, at a conference for investors in Clinton, Miss., also reiterated 2001 forecasts for the unit, according to a filing at the Securities and Exchange Commission. WorldCom said 2002 capital spending for the company, including the MCI Group consumer long-distance unit, will be $6 billion.

Shares in WorldCom fell 53 cents to close at $12.44 on Nasdaq.