The Net Phone Tv Cable Monster

AT&T grabs for an all-in-one pipeline into millions of homes

You'd think he was running a hot Internet startup, not big old AT&T. Just six weeks after completing the $54 billion acquisition of cable giant Tele-Communications Inc., AT&T CEO C. Michael Armstrong on Apr. 22 announced an audacious $54 billion bid for MediaOne Group, trumping an earlier offer for the 5-million subscriber cable operator by Comcast Corp. If he pulls it off, Armstrong will make AT&T the biggest player in cable, with systems reaching no less than 60% of U.S. cable households--if you count all TCI's and MediaOne's wholly owned systems and various partnerships.

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