Jackson, MS, April 6, 1999 -
MCI WorldCom has agreed to sell its equity in News Corporation for
$1.390 billion in cash. This move is consistent with MCI WorldCom's
plan to focus investments in its core communications business. This
transaction is a win-win for both MCI WorldCom and News Corporation,
allowing MCI WorldCom to immediately reinvest proceeds of the sale in
high-growth areas of its business and News Corp to align itself with
strategic partners. MCI originally invested $1.35 billion in News Corp
common stock in 1995.
