Verizon-MCI Cleared

NEW YORK, and ASHBURN, Va. -- Verizon Communications Inc. (NYSE:VZ) and MCI, Inc. (NASDAQ:MCIP) today announced they have received clearance from the U.S. Department of Justice for Verizon's acquisition of MCI.

Final closure of the transaction, which the companies anticipate will occur later this year or early in 2006, is subject to approval by the Federal Communications Commission. International approvals are already complete, as are the majority of necessary state-level regulatory reviews.

The FCC announced it has scheduled its vote on the Verizon-MCI combination on Friday (Oct. 28).

"We appreciate the hard work of the Department of Justice staff in bringing this merger to resolution," said John Thorne, Verizon senior vice president and deputy general counsel. "The consent decree will result in no disruption to MCI customers. We are eager to begin offering the benefits of this new combination to customers as soon as possible."

Paul Eskildsen, MCI senior vice president and deputy general counsel, said, "MCI is pleased with today's clearance by the Department of Justice of its merger with Verizon. This development represents another significant milestone in the regulatory approval process."

Verizon Communications Inc.

MCI Inc.