Bell And Nynex Combine Cells
Meet the new cellular behemoth. Bell Atlantic and NYNEX were scheduled to announce on June 30 that they will combine their cellular-phone businesses to form an 18-state giant that will rank second in potential customers only to a merged AT&T-McCaw Cellular. The as-yet-unnamed outfit will cover a territory with 55 million potential customers stretching from Maine to South Carolina, plus two western states. Together, the operations top $1.2 billion in annual revenues. Although it will be wholly owned in a 62%-38% arrangement dominated by the bigger Bell Atlantic, going public is an eventual option, says Bell Atlantic Chief Operating Officer Lawrence Babbio Jr. So is entering the market for personal communi- cations services, or PCS.
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