Hot
One of the Day: Net2Phone
Wired
News Report
10:15
a.m. Mar. 31, 2000 PST
The
big long-distance carriers have seen the future, and they seem to
think it might be on the Internet.
AA
consortium led by AT&T, the largest U.S. carrier, said Friday
that it was investing $1.4 billion in cash in Net2Phone Inc., an
Internet telephone services provider. Liberty Media Group, an
AT&T subsidiary, and British Telecommunications complete the
consortium.
The
move is the latest by AT&T to strengthen its Internet position
as the industry continues evolving.
No
sooner had that announcement been made, then Yahoo chimed in to
say that it was also acquiring a minority stake in Net2Phone
through a $150 million stock swap.
If
both deals go through, the AT&T consortium will hold a 39
percent voting stake in Net2Phone, while Yahoo will have about 5
percent.
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