Source: Majority of FCC Backs Cingular Plan
From Reuters
A majority of the Federal Communications Commission has voted to conditionally approve Cingular Wireless’ proposed acquisition of AT&T; Wireless Services Inc., a source familiar with the matter said.
Three of the five FCC commissioners have voted to back the deal with certain divestitures likely in as many as two dozen markets, said the source, who declined to be identified because the voting had not been completed.
Cingular, a joint venture of BellSouth Corp. and SBC Communications Inc., agreed to pay $41 billion in cash for AT&T; Wireless.
On the NYSE, AT&T; Wireless shares rose 1 cent to $14.77, SBC shares dropped 26 cents to $26.63 and BellSouth shares fell 23 cents to $28.03.
