 MCI's corporate logo MCI, Inc., which stood for Microwave Communications, Incorporated (NASDAQ: MCIP (http://quotes.nasdaq.com/asp/SummaryQuote.asp?symbol=MCIP&selected=MCIP)), is an American telecommunications company, formerly known as WorldCom. It is the second largest long-distance provider in the United States. MCI merged with WorldCom, Inc. in 1998 for US$34.7 billion, creating MCI WorldCom. MCI WorldCom dropped the "MCI" portion from its name in 2000, becoming simply WorldCom. More recently, in light of a much-publicized accounting scandal, WorldCom was renamed MCI. MCI thus refers both to one of the companies entering into the merger between MCI and WorldCom, as well as to the resulting entity.
Microwave Communications, Inc. was formed in 1963 by John Goeken to offer long-distance telephone service for businesses between Chicago, Illinois and St. Louis, Missouri. The company became licensed by the Federal Communications Commission in 1969 and began service under the name MCI Communications in 1970.
In 1991, British Telecommunications PLC purchased 20% of the company and later made an offer to purchase the rest in 1996. A larger, competing bid from WorldCom was ultimately accepted after British Telcom significantly lowered the price of their offer.
After an internal audit discovered that US$3.8 billion had been 'misaccounted' and an investgation by the Securities and Exchange Commission, the company has changed its name to MCI and moved its headquarters from Clinton, Mississippi to Ashburn, Virginia.
MCI emerged from bankruptcy on April 20, 2004. On July 14, 2004 MCI resumed trading on NASDAQ under ticker symbol MCIP, which reflects MCI's advances in Internet Protocol (IP) technology.
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MCI is also the airport code for the Kansas City International Airport in Kansas City, Missouri, USA. |
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