The Humongous Hookup

At&T Goes Cellular in a Big Way -- and Steals Yet Another March on Its Rivals

It was a highly personal kind of deal, done in a quiet hallway of a New York City hotel, man to man. The place was the Waldorf Astoria, and the players were Robert Allen, chairman of AT&T, and Craig McCaw, head of McCaw Cellular Communications. In the middle of an edgy negotiation, they had left their factotums, emissaries and lieutenants behind and paced the corridor together for just 20 minutes before shaking hands on a transaction in which the largest U.S. telephone company would buy the No. 1 provider of cellular service for $12.6 billion in stock. In the process, Craig...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!