Exhibit 99.1
FOR IMMEDIATE RELEASE
Media: Brad Burns Bill White
WorldCom Sprint
800.644.NEWS 913.624.2226
Investors: Scott Hamilton Kurt Fawkes
WorldCom Sprint
601.460.5111 913.624.2268
WORLDCOM, SPRINT TERMINATE MERGER AGREEMENT
Clinton, Miss. and Kansas City, Mo., July 13, 2000 - WorldCom and Sprint today
announced that the boards of directors of both companies have acted to
terminate their merger agreement.
The companies mutually agreed that the set of conditions ultimately demanded
by the U.S. Department of Justice would compromise the customer and financial
benefits of the merger. Because the Justice Department asserted it could not
be prepared to go to trial on its theories regarding the merger before next
year, the companies decided it was not in the best interest of shareholders,
customers and employees to pursue protracted litigation. As the companies have
mutually agreed to terminate their merger agreement, no break-up fee will be
incurred by either company.
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WorldCom (NASDAQ: WCOM) is a global leader in "all-distance" communications
services with operations in more than 65 countries. Revenues in 1999 were $37
billion, with more than $15 billion from high-growth data, Internet and
international services. WorldCom provides facilities-based and fully
integrated services to facilitate e-business and e-commerce in the digital
generation. For more information go to http://www.wcom.com.
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Sprint is a global communications company - at the forefront of integrating
long distance, local and wireless communications services. Sprint built and
operates the United States' first nationwide all-digital, fiber-optic network
and is a leader in advanced data communications services. Sprint has $20
billion in annual revenues and serves more than 20 million business and
residential customers. Sprint is traded on the NYSE under FON and PCS. For the
latest updates on Sprint, check http://www.sprint.com.
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