AT&T Inc. unveiled a $67 billion megadeal to buy BellSouth, a move aimed directly at shoring up its position in the increasingly competitive communications market. If approved, the new company would have $120 billion in sales and a market value totaling as much as $170 billion. AT&T's reach would dramatically expand via the deal, as would its ability to offer TV services. Control of Cingular Wireless, a joint venture between AT&T and BellSouth, would be transferred completely to AT&T, possibly accelerating the push toward fixed-wireless convergence.

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