U.S. FCC approves AT&T, BT joint venture

The Federal Communications Commission Friday approved AT&T's $10bn global joint venture with BT, allowing the No. 1 US long distance carrier to hook up with Britain's top carrier. The US Justice Department's antitrust division and European regulators have already approved the venture, so the FCC's decision clears the way for the companies to close the deal.

In a statement, the FCC said it would impose some limits on the joint venture because of British Telecom's dominant position. For example, BT will not be permitted to offer special concessions to AT&T or the joint venture in Britain.