By Tony Hallett
Published: 30 June 1998 16:01 GMT
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.
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