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April 24, 1997
FOR IMMEDIATE RELEASE
Bell Atlantic ...Eric Rabe, (215) 963-6531
NYNEX............Susan Kraus, (212) 395-0500
BELL ATLANTIC AND NYNEX APPLAUD
DEPARTMENT OF JUSTICE MERGER DECISION
NEW YORK, NY, April 24, 1997 -- Bell Atlantic Corp. (NYSE:BEL) and NYNEX Corp.
(NYSE:NYN) today praised the decision by the Department of Justice concerning the
planned merger of Bell Atlantic and NYNEX. The Companies now require only Federal
Communications Commission (FCC) approval to close the transaction.
Bell Atlantic Chairman and CEO Ray Smith said, "We're extremely pleased
with the Department of Justice's decision, which came after a thorough and comprehensive
review. Our merger will continue to open communications markets -- local, long-distance
and video -- and help realize the promise of the 1996 Telecom Act."
NYNEX Chairman and CEO Ivan Seidenberg said, "The merger of Bell Atlantic
and NYNEX will promote customer choice, innovation and economic growth in the communities
we serve. We are looking forward to the integration of our companies and the launch
of the new Bell Atlantic. We intend to be our customers' first choice for communications
and information services."
The proposed merger between Bell Atlantic and NYNEX was announced April 22,
1996. The combined corporation, to be named Bell Atlantic and headquartered in New
York City, will serve 39 million telephone access lines and nearly 5 million wireless
customers in 13 states, the District of Columbia, and around the world. The merger
has received approvals from all the necessary state regulatory authorities, and shareowners
of both companies overwhelmingly approved the merger at special meetings in November