================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 31, 1999
U S WEST, Inc.
(Formerly "USW-C, Inc.")
(Exact name of registrant as specified in its charter)
A Delaware Corporation Commission File IRS Employer Identification
(State of Incorporation) Number 1-14087 No. 84-0953188
1801 California Street, Denver, Colorado 80202
(Address of principal executive offices, including Zip Code)
Telephone Number (303) 672-2700
(Registrant's telephone number, including area code)
(The Exhibits Index is located on page 2 of this report.)
================================================================================
<PAGE>
Item 5. Other Events
On December 31, 1999, U S WEST announced that it has monetized a
portion of its ownership stake in Global Crossing Ltd. The press release is
filed as an exhibit to this Current Report on Form 8-K.
Item 7. Exhibits
(c) Exhibits Index
Exhibit 99 - Press Release issued by the Company on December 31, 1999 entitled
"U S WEST Monetizes Portion of Global Crossing Stock Ownership"
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
U S WEST, Inc.
(Formerly "USW-C, Inc.")
By: /s/ Thomas O. McGimpsey
----------------------------
Thomas O. McGimpse
Assistant Secretary
Dated: January 4, 2000
EXHIBIT 99
December 31, 1999
- - U S WEST Monetizes Portion of Global Crossing Stock Ownership -
DENVER - U S WEST today announced that it has monetized a portion of its
ownership stake in Global Crossing Ltd. (NASDAQ: GBLX).
The transactions included approximately 65 percent of U S WEST's total stake in
Global Crossing (about 24 million shares, currently valued at about $1.15
billion). They allow U S WEST to gain immediate financial proceeds as well as to
participate in a significant portion of the appreciation potential of Global
Crossing's stock. The transactions, which involved the sale of shares, will
reduce fourth quarter earnings per share by approximately $0.44, net of taxes.
U S WEST (NYSE: USW) provides a full range of telecommunications services -
including wireline, wireless PCS, data networking, directory and information
services - to more than 25 million customers nationally and in 14 Western and
Midwestern states. More information about U S WEST can be found on the Internet
at http://www.uswest.com.
Safe Harbor Statement: This document contains statements about expected future
events and financial results that are forward-looking and subject to risks and
uncertainties. For these statements, we claim the safe harbor for
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Factors that could cause actual results to differ
from expectations include: (i) greater than anticipated competition from new
entrants into the local exchange, intraLATA toll, wireless, data and directories
markets, causing loss of customers and increased price competition; (ii) changes
in demand for U S WEST's products and services, including optional custom
calling features; (iii) higher than anticipated employee levels, capital
expenditures and operating expenses (such as costs associated with
interconnection and year 2000 remediation); (iv) the loss of significant
customers; (v) pending and future state and federal regulatory changes affecting
the telecommunications industry, including changes that could have an impact on
the competitive environment in the local exchange market; (vi) acceleration of
the deployment of advanced new services to customers, such as broadband data,
wireless and video services, which would require substantial expenditure of
financial and other resources; (vii) a change in economic conditions in the
various markets served by U S WEST's operations; (viii) higher than anticipated
start-up costs associated with new business opportunities; (ix) delays in U S
WEST's ability to begin offering interLATA long-distance services; (x) consumer
acceptance of broadband services, including telephony, data and wireless
services; (xi) delays in the development of anticipated technologies, or the
failure of such technologies to perform according to expectations; and (xii)
timing and completion of the recently announced merger with Qwest Communications
International Inc. These cautionary statements by U S WEST should not be
construed as exhaustive or as any admission regarding the adequacy of
disclosures made by U S WEST. U S WEST cannot always predict or determine after
the fact what factors would cause actual results to differ materially from those
indicated by the forward-looking statements or other statements. In addition,
readers are urged to consider statements that include the terms "believes",
"belief", "expects", "plans", "objectives", "anticipates", "intends", "targets",
or the like to be uncertain and forward-looking. All cautionary statements
should be read as being applicable to all forward-looking statements wherever
they appear. U S WEST does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
Further information: Larry Thede, 303-896-3550; Martha Daniele Paine,
303-896-5706; Kent Evans, 303-896-3096.
