AT&T snaps up cable TV giant

NEWS AT&T, the largest long-distance carrier in the US, is to acquire cable TV giant Tele-Communications Inc (TCI) in a $48bn (£28.8bn) stock swap.
The deal, if approved by regulators, will provide AT&T with the opportunity to provide local telephony services to US customers. In a prepared statement, AT&T CEO, C Michael Armstrong, said: "Today we are beginning to answer a big part of the question about how we'll provide local service to US consumers." Following the merger, AT&T said it will combine its long-distance, wireless and Internet service units with TCI's cable, telecoms and high-speed Internet businesses to create AT&T Consumer Services.