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Serious Moolah (6/24/98)
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Just how serious was AT&T about buying their way into the Internet business? Well, you tell us-- after AOL refused their buyout offer of $20 billion, they turned right around and bought out Tele-Communications Incorporated instead, only a week later. TCI is a huge cable company who also provides high-speed internet access via cable modems. The price tag? A mere $48 billion. (Insert sound of eyes popping out of head and jaw hitting floor here.) CNET has more on the monster merger.
AT&T plans to absorb TCI into a new subsidiary, "AT&T Consumer Services," which will finally be able to offer customers long-distance phone service, Internet access (both dialup and high-speed), wireless communications, and cable television all in one fell swoop. That's all fine and dandy, but was it worth $48 billion? Most of us can't even imagine how much money that is. How's this for perspective? The deal was for almost Bill Gates' entire fortune (though he'd still have roughly $3 billion left over after the deal was done, which, we expect, most of you would consider "comfortable").
For those of you who find the similarities between "AT&T" and the abbreviation "AtAT" confusing, here's an easy way to help you keep the two entities straight: AT&T can shell out $48 billion to buy a large cable company. AtAT still checks the change return slot after making a call at a pay phone. Any questions?
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And Now For A Word From Our Sponsors |
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 | | The above scene was taken from the 6/24/98 episode: June 24, 1998: Poor Steve Jobs; having to deliver a keynote that will be scrutinized by millions is tough enough, but to do it at 6 AM? The reason for the satellite broadcast from California is still uncertain, but a new little Jobs is the likely culprit. Meanwhile, AT&T shrugs off AOL's refusal to sell out, and drops a bundle on TCI instead...
Other scenes from that episode: 801: Early Bird Syndrome (6/24/98) Our excitement about MacWorld Expo continues to grow, as the blessed event draws ever closer... Yes, the show promises to be smaller again this year, but we still have several reasons to be enthused... 802: Occam's (Little) Razor (6/24/98) Much has been made, by the way, of the fact that Jobs doesn't plan to attend the New York Expo in person. A few people say it's a sign that Steve isn't as committed to Apple as he should be. For the record, AtAT finds this interpretation ridiculous; the man has sacrificed a ton of sleep and family time to make the changes that made Apple profitable again...
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