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Chronology

WorldCom Company Timeline

Compiled by Reuters and washingtonpost.com
Tuesday, March 15, 2005; 1:24 PM

The following is a chronology of key events in the history of WorldCom Inc.

1983: Businessmen Murray Waldron and William Rector sketch out a plan to create a discount long distance provider called LDDS (Long-Distance Discount Service).

_____MCI Coverage_____
Bernard Ebbers Guilty on All Counts (The Washington Post, Mar 15, 2005)
Preparing for the Worst With MCI's Best (The Washington Post, Mar 13, 2005)
No Verdict in Ebbers's Trial (The Washington Post, Mar 12, 2005)
Story Archive and Company Background

1985: Early investor Bernard Ebbers becomes chief executive officer of LDDS.

1989: LDDS becomes public through the acquisition of Advantage Companies Inc.

1992: LDDS merges in an all-stock deal with discount long distance service provider Advanced Telecommunications Corp.

1993: LDDS acquires long distance providers Resurgens Communications Group Inc and Metromedia Communications Corp. in a three-way stock and cash transaction that creates the fourth-largest long-distance network in the United States.

1994: LDDS acquires domestic and international communications network IDB Communications Group Inc. in an all-stock deal.

1995: LDDS acquires voice and data transmission company Williams Telecommunications Group Inc. for $2.5 billion and changes its name to WorldCom Inc.

1996: WorldCom merges with MFS Communications Company Inc. and UUNet Technologies Inc.

1998: WorldCom completes three mergers: with MCI Communications Corp. ($40 billion)—the largest in history at that time—Brooks Fiber Properties Inc. ($1.2 billion) and CompuServe Corp ($1.3 billion).

1999: WorldCom and Sprint Corp. agree to merge.

2000: U.S. and European regulators block proposed merger with Sprint; WorldCom and Sprint terminate agreement.

2001: WorldCom merges with Intermedia Communications Inc., a provider of data and Internet services to businesses.

2002:

* March 11: WorldCom receives a request for information from the U.S. Securities and Exchange Commission relating to accounting procedures and loans to officers.

* April 3: WorldCom says it is cutting 3,700 jobs in the U.S. or 6 percent of WorldCom group's staff, 4 percent of WorldCom's overall work force.

* April 22: Standard & Poor's cuts WorldCom's long-term and short-term corporate credit ratings.

* April 23: Moody's Investors Service cuts WorldCom's long-term ratings. Fitch cuts the company's ratings, saying it expects WorldCom's revenue to deteriorate during 2002, with prospects for recovery in 2003 uncertain.


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