BellSouth, AT&T Merger Moves Forward

BellSouth shareholders on Friday approved the $67 billion sale of the company to AT&T, which would further expand the latter company's reach in the telecommunications sector and place Cingular under a single owner. The two companies say the merger would benefit the nation's largest cellular provider, whose management structure is split between AT&T and BellSouth executives. The deal is still subject to government scrutiny, which may force the combined company to shed some of its assets.

Additionally, AT&T Wireless would likely make a comeback -- at least in name -- as the company plans to phase out the Cingular trademark. The merged company would provide landline service to 70 million customers, wireless to 54.1 million, and broadband access to 10 million. Services would be provided in 22 states, although Cingular operates nationally.