http:--cnnfn.com-digitaljam-9709-08-compuserve-

[Jim Choate <ravage@ssz.com>]

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   phones. CLICK HERE [INLINE] Deals CompuServe 
   CompuServe, AOL in deal
   
   
   WorldCom buys CompuServe for $1.2 billion, to flip part to AOL
   
   
   September 8, 1997: 7:29 a.m. ET
   
   
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   CompuServe tests flat rate - July 21, 1997
   
   
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   NEW YORK (CNNfn) - H&R Block said Monday it will sell its 80 percent
   stake in CompuServe to WorldCom Inc. for about $1.2 billion in a
   complex deal which will ultimately turn over CompuServe's content and
   subscribers to America Online.
   [INLINE] Under the deal, CompuServe shareholders, including H&R Block,
   will receive 0.40625 shares of WorldCom stock for each share of
   CompuServe.
   [INLINE] After that deal is completed, WorldCom will turn around and
   give AOL all the CompuServe content assets and subscribers plus $175
   million in exchange for AOL's Advanced Networks and Services division,
   which supplies about one-third of the network capacity for AOL's own
   customers.
   [INLINE] The deal will add CompuServe's approximately 5 million home
   and business subscribers to AOL's pool of about 8 million customers.
   AOL is the world's largest online service provider.
   [INLINE] WorldCom, a business telecommunications company based in
   Jackson, Mississippi, will be adding AOL's high-speed Internet access
   division to its own services. WorldCom will retain CompuServe's
   Network Services division, which comprises about 100,000 ports used to
   support dial-up users as well as other corporate computer services,
   such as intranets.
   [INLINE] The deal ends AOL's long journey toward acquiring its online
   rival. America Online has made attempts to purchase the service as
   recently as July. AOL made a $1 billion stock bid over the summer,
   which H&R Block rejected.
   [INLINE] The deal will now face regulatory review and could possibly
   trigger concerns over AOL's largely increased market share. Link to
   top 
   -- Randy Schultz
   
   
   
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