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AT&T Corp. said it will buy Tele-Communications Inc. in a $48 billion all-stock deal, merging the largest long-distance provider and one of the largest cable companies. The combined company will offer local, long-distance, wireless, international, cable TV, dial-up and high-speed Internet access service -- all under the AT&T brand.

AT&T stock initially declined sharply with the merger news, as TCI's stock rose. AT&T's stock then saw a slower drop through the week.

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