RealTime IT News

Qwest CEO: MCI Pursuit Over

Despite reports of behind-the-scenes lobbying, Qwest CEO Richard Notebaert put to rest yesterday speculation that he is still maneuvering to buy MCI .

"We aren't looking at MCI," Notebaert said in an address to stockholders at the Denver regional telecom carrier's annual meeting Tuesday. "That's over."

Instead, the company will focus on partnerships and other acquisitions, including assets that may be divested in the mega-mergers that are working their way through the regulatory process.

Notebaert, who said he was proud of the offers that the company put together for MCI, said the company is generating cash and reducing it's debt which "gives us the opportunity to pursue opportunities for growth."

He also said Qwest was making progress on its own, passing 1 million DSL subscribers and expanding its Voice over Internet Protocol and Internet services for businesses.

Qwest lost a long bidding war for MCI to Verizon . The Baby Bells coveted MCI because of its international network and stable of corporate and government customers.