Short Take: Pacific Telesis pulls plug on acquisition
Pacific Telesis has canceled its $175 million acquisition of two wireless cable systems, raising new questions about the phone company's plan for providing video services in California. The acquisition had included Wireless Holdings and Videotron Bay Area. Both companies are joint ventures of Transworld Telecommunications, whose stock fell 54 percent on news of the cancellation, and Le Groupe Videotron, which vowed to fight Pacific Telesis's decision.
has canceled its $175 million acquisition of two wireless cable systems, raising new questions about the phone company's plan for providing video services in California. The acquisition had included Wireless Holdings and Videotron Bay Area. Both companies are joint ventures of Transworld Telecommunications, whose stock fell 54 percent on news of the cancellation, and Le Groupe Videotron, which vowed to fight Pacific Telesis's decision.