Qwest in Talks to Acquire MCI

Hot off the heels of SBC's proposed acquisition of AT&T, Qwest is reportedly in talks to buy AT&T business rival MCI for $6.3 billion. Talks between the two companies have been going on for months, although the discussions have become more serious this past week, according to The Wall Street Journal.

A deal is far from assured, however, as Verizon has also been eyeing MCI for an acquisition. But MCI -- formerly named WorldCom before it emerged from bankruptcy -- is an attractive purchase for any number of telecommunications companies, with a worldwide network that reaches 140 countries. MCI also handles a large portion of global Internet traffic following its buyout of UUNet.