BAN Banco Lat.8%Pfd

RNS Number:4457M
Bell Atlantic Corp
16 June 2000


                                                 Contacts:
                                                 Susan Kraus, Bell Atlantic
                                                 212-395-2355
                                                 susan.kraus@bellatlantic.com

                                                 Peter Thonis, GTE
                                                 972-507-5367
                                                 peter.thonis@hq.gte.com


                   Bell Atlantic and GTE to Create Verizon,
                   The Next Great Brand in Communications

NEW YORK and IRVING, Texas - Approval received today from the Federal
Communications Commission paves the way for Bell Atlantic and GTE to move
forward with closing their merger by the end of June and create Verizon
Communications, the number-one provider of wireline and wireless communications
in the United States.

"Our merger will be a transforming event for both of our companies," said
Charles R. Lee, chairman and chief executive officer of GTE and designated
chairman and co-CEO of Verizon. "It will enable us to offer customers the
richest array of high-growth communications services over the most extensive
national footprint and in the world's most attractive markets."

"The scale, scope and market reach of Verizon will position us to capitalize on
the 'new economy' growth trends that are shaping communications in the U.S. and
around the world," said Ivan Seidenberg, chairman and chief executive officer of
Bell Atlantic and designated president and co-CEO of Verizon. "Our ability to
deliver a full plate of voice, data, Internet and wireless services to all our
customers will make Verizon the next great brand in communications."

In domestic telecommunications services, Verizon will unite GTE's primarily
suburban and rural operations throughout the United States with Bell Atlantic's
operations in 13 Eastern states and the District of Columbia to form the
nation's number-one provider of wireline communications services. With more than
63 million access lines and the equivalent of 32 million additional access lines
in high-speed data circuits, Verizon's wireline operations will reach one-third
of all United States households and serve two-thirds, of the top 100 markets,
including nine of the top 10.

Verizon Wireless -- formed in April through a joint venture combining the U.S.
wireless assets of Bell Atlantic and Vodafone AirTouch, and to be strengthened
by the addition of GTE's wireless assets -- is the nation's largest wireless
company by far, serving some 25 million wireless and nearly 4 million paging
customers. Its nationwide footprint will cover over 90 percent of the U.S.
population and 96 of the top 100 U.S. wireless markets, with 232 million net
POPs.

Verizon also will be a leader in high-growth data markets, with digital networks
that already include more fiber optics and more "first mile" assets than any
other communications company. These networks, as they continue to transform,
will give Verizon the number-one distribution platform for electronic commerce
and delivery of a comprehensive suite of Internet-Age services, including
high-speed Internet access powered by digital subscriber lines.

Verizon also will hold a 9.5 percent stake in Genuity, a tier-one Internet
backbone provider with a state-of-the-art global fiber optic network spanning
more than 100 U.S. metropolitan areas, and will have the option to acquire a
larger interest in the future. Verizon will be able to enter into joint
marketing agreements with Genuity where Verizon has approval to offer long
distance.

"Our long-term relationship with Genuity is important, because the business
market in the Northeast and Mid-Atlantic is the best in the country. Verizon
will be positioned to bring end-to-end connectivity and networked business
solutions to national and global customers," said Lee.

Verizon's leading position in the United States will give it a significant
advantage in providing services to global businesses and consumers. The
company's investments and operations in Europe, Asia and the Pacific, Canada and
Latin America will have a market value estimated at $25 billion to $30 billion,
and will provide it with a solid platform to create the global capabilities
required by customers in the 21st century.

"Our scale and scope, and our preeminence in U.S. markets, will make us the
premier partner for anyone seeking to provide global services," said Seidenberg.

Verizon and its employees will remain a strong, positive force in the
communities in which they live and work, serving millions of volunteer hours
annually. The Verizon Foundation, to be formed through the combination of the
separate Bell Atlantic and GTE Foundations, anticipates contributing more than
$70 million in 2000, making it one of the top 10 largest corporate foundations
in the United States.

"Our 260,000-plus employees will benefit from new opportunities created by being
part of a world-class company in the fastest-growing industry of the 21st
century," said Lee. "Our investment in local communities will improve the
quality of life and will spur economic development across all our markets."

In a separate press release today, Bell Atlantic and GTE praised the FCC's
approval of the companies' merger. This release -- along with other information
about the merger, including domestic and international maps of the new company
-- can be found on the Internet web sites www.ba.com and www.gte.com.

Bell Atlantic (www.bellatlantic.com)is at the forefront of the new
communications and information industry. With more than 44 million telephone
access lines and more than 20 million wireless customers worldwide, Bell
Atlantic companies are premier providers of advanced wireline voice and data
services, market leaders in wireless services and the world's largest
publishers of directory information. Bell Atlantic companies are also among the
world's largest investors in high-growth global communications markets, with
operations and investments in 23 countries.

With 1999 revenue of more than $25 billion. GTE (www.gte.com) is a leading
telecommunications provider with one of the industry's broadest arrays of
products and services. In the United States, GTE provides local service in 28
states and wireless service in 18 states, as well as nationwide long-distance,
directory, and internetworking services ranging from dial-up Internet access for
residential and small-business consumers to Web-based applications for Fortune
500 companies. Outside the United States, the company serves customers on five
continents.


                        Bell Atlantic and GTE Chairmen
                           Praise FCC Merger Approval

      Companies Poised to Create Verizon, New Tier-One Competitor in World
                         Telecommunications Marketplace

WASHINGTON - "This is a great day for Bell Atlantic and GTE, for our customers,
our investors and our employees. We've won approval of our merger from
shareholders, the DOJ, state regulators and today from the FCC" said Charles R.
Lee, chairman and chief executive officer of GTE and designated chairman and
co-CEO of the new company.

"This final approval contains reasonable conditions that clear the way to
unite these two great companies into Verizon Communications, which will be a
world-class competitor able to bring innovative telecommunications services to
customers across the country," said Lee. 'Ve are on track to close the merger by
the end of this month."

Ivan Seidenberg, chairman and chief executive officer of Bell Atlantic and
designated president and co-CEO of the new company, said, "The FCC recognizes
that this merger uniquely combines complementary assets that will generate
enormous public interest benefits. We look forward to creating the next great
brand in communications, one that will set the standard for global
communications companies."

The FCC adopted the conditions proposed by the two companies that further
assure that the merger is both pro-competitive and pro-consumer. The proposal
addresses two issues, one concerning long distance and Genuity - GTE's
internetworking group - and the second involving a variety of pro-competitive
conditions.

The companies agreed that Genuity, which operates a tier-one Internet backbone
and related data businesses, would sell 90.5 percent of its equity to the public
through an initial public offering (IPO). Verizon will retain a 9.5
percent equity interest in Genuity, as permitted by the Telecommunications Act
of 1996. Verizon also will have an option to increase its ownership interest to
as much as 80 percent if it gains long distance entry in all Bell Atlantic
states within five years. Until then. Verizon will be able to enter into joint
marketing agreements with Genuity in states where Verizon can offer
long-distance. The IPO will be completed before the companies complete the
merger.

Seidenberg and Lee said they are confident in the new company's ability to
secure long distance approval in the Bell Atlantic states within the time
required to regain control of Genuity, and noted that Bell Atlantic is the first
former regional Bell to win approval to offer long distance in one of its
states, New York.

The FCC conditions include commitments proposed by Bell Atlantic and GTE
to further promote both competition and the widespread deployment of advanced
services while helping to ensure that consumers continue to receive 
high-quality, low-cost telephone services. These conditions are similar to those
that the FCC adopted in approving the SBC-Ameritech merger, but reflect the
differences between that merger and this one.

A second press release from the companies today outlines their chairmen's
vision for the new company. This release, along with other information about the
merger, including domestic and international maps, can be found on the Internet
web sites www.ba.com and www.gte.com.


Media Contacts:

Susan Kraus, Bell Atlantic                    Susan Butta
212-395-2355                                  202-336-7883
susan.kraus@bellatlantic.com                  susan.butta@bellatlantic.com

Peter Thonis, GTE                             Bob Bishop
972-507-5367                                  202-463-5206
peter.thonis@hq.gte.com                       bbishop@dcoffice.gte.com


END
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