In what is seen as a move to build a more formidable competitor to AT&T, rival CenturyLink today announced it is buying Level 3 Communications for about $34 billion in cash and stock. From a report on Bloomberg: Both companies have amassed giant networks to haul internet traffic through deals over the years. Level 3 is one of the largest providers used by internet services including Netflix and Google to route traffic across the web, operations that would bolster CenturyLink’s core offerings to businesses. Level 3 was the second-biggest U.S. provider of ethernet services — running high-bandwidth internet connections for companies — in the first half of this year, trailing only AT&T, according to Vertical Systems Group. CenturyLink was fifth on the list.

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Source: Slashdot – CenturyLink To Buy Level 3 For Billion, Create a More Formidable Competitor To AT&T