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AT&T plans tracking stock - Broadcasting & Cable

AT&T plans tracking stock

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AT&T Corp. expects to issue a tracking stock for its consumer business
and is working on a limited introduction of local-phone service partly through a
rollout of digital-subscriber lines.

The company said at a Salomon Smith Barney conference in Scottsdale, Ariz.,
that the tracking stock could be created within six months and that a proxy will
be filed before April.

The tracking stock is part of AT&T Chairman Mike Armstrong's overall
restructuring of the company to divide it into four pieces.

Cable is being sold to Comcast, the cellular phone unit has been spun
off.

Consumer and business telephone services are now held in the same unit, but
the consumer long distance operation is what will now be covered under the
tracking stock.

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