AT&T acquires MediaOne Group for $58 billion.

AT&T completed its acquisition of MediaOne Group in June 2000, finalizing a transaction valued at approximately $58 billion. The deal, which had been announced in April 1999, was one of the largest mergers in the telecommunications and media sector at the time and reflected AT&T’s strategy to expand beyond traditional long-distance telephone services. MediaOne Group was one of the largest cable television operators in the United States, serving millions of subscribers across multiple states. Through the acquisition, AT&T gained control of extensive cable infrastructure, broadband assets, and regional sports networks. The transaction significantly expanded AT&T’s footprint in cable television and high-speed internet access, areas that were experiencing rapid growth at the end of the 1990s. Following the acquisition, AT&T combined MediaOne’s assets with its existing AT&T Broadband operations, creating one of the largest cable companies in the country. However, the integration proved complex, and within a few years AT&T chose to exit the cable television business. In 2002, AT&T Broadband—including many former MediaOne systems—was sold to Comcast, effectively ending AT&T’s direct involvement in large-scale cable operations.