This week, Hartford Courant business columnist Dan Haar talks about AT&T’s move to sell its Connecticut operations, a new restaurant planned by former Mets and Red Sox manager Bobby Valentine and the latest on foreclosures in Connecticut.
Here’s more on the AT&T deal from Haar’s blog. Click here to read the full post.
“AT&T said Tuesday it’s selling its wireline business in Connecticut to Frontier Communications for $2 billion in cash, ending a 15-year venture that led to thousands of job losses as the number of regular phone lines declined, technology improved and the company moved support operations elsewhere.
Frontier, which is based in Stamford, will take over the old Southern New England Telephone Co. business, which legally still has that name. The business includes 2,700 employees, 900,000 wireline telephone connections, 415,000 Internet connections and 180,000 U-verse video subscribers for a total of $1.2 billion in annual revenues, along with the network itself.
The merger, which would close in late 2014 after expected regulators’ approval, is likely to bring job losses. Frontier didn’t address that issue in a conference call with financial analysts but said it had set a target of $125 million in cost savings within three years.”